Green Courte Partners Acquires The Parking Spot - Leading Owner/Operator of Near-Airport Parking Properties

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Dec 09, 2011, 12:41 ET

LAKE FOREST, Ill., Dec. 9, 2011 /PRNewswire/ -- Green Courte Partners, LLC, a private equity investment firm targeting niche real estate sectors, announced today the acquisition of The Parking Spot, one of the nation's leading owner/operators of near-airport parking properties. The Company operates 17 high-quality parking properties (16 owned and one long-term leased), containing over 32,000 parking spaces, which serve 12 major airports including Atlanta Hartsfield (ATL), Los Angeles (LAX), Dallas Fort Worth (DFW), Houston George Bush Intercontinental (IAH) and Phoenix Sky Harbor (PHX). In addition, The Parking Spot manages another 24 parking facilities, containing over 35,000 parking spaces, serving an additional 12 major airports around the country.

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Penny Pritzker, the Chairman of The Parking Spot prior to its sale, said, "Since 1998, when Marty Nesbitt first presented me with his business plan for The Parking Spot, we endeavored to build the best 'near-airport' parking owner/operator in the country and succeeded. We transformed what was once a humdrum routine – parking your car near the airport – into a branded, unique experience. With the sale to Green Courte, I look forward to watching The Parking Spot's continued development as one of the nation's most innovative parking owner/operators."

Commenting on the acquisition, Randy Rowe, Chairman of Green Courte, stated, "We are extremely pleased that our third fund, Green Courte Real Estate Partners III, LLC and its affiliates, has completed the acquisition of The Parking Spot. Penny and Marty's clarity of vision has given the company a dynamic operating platform. Partnering with management, we plan to expand The Parking Spot's highly-differentiated, customer-oriented parking services to additional markets around the country, filling in new markets with a combination of owned and leased properties as well as managed operations in smaller markets."

About Green Courte Partners, LLC

Green Courte Partners, LLC is a Chicago-based private equity real estate investment firm targeting niche real estate sectors, including parking assets and land-lease communities. The firm combines focused investment strategies with a disciplined approach to transaction execution and asset management. Green Courte's goal is to invest in high quality assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit www.GreenCourtePartners.com.

About The Parking Spot

The Parking Spot is the nation's largest near-airport parking operator, providing parking and shuttle service at airports around the country in distinctive spotted shuttles. The Parking Spot Network includes Parking Spot branded facilities at Atlanta Hartsfield, Austin Bergstrom, Dallas Fort Worth, Dallas Love Field, Denver International, Houston Hobby, Houston George Bush Intercontinental, Kansas City, Los Angeles, Nashville, Orlando, Phoenix Sky Harbor, Pittsburgh and Lambert-St. Louis. It also includes the AviStar, FastTrack and SkyPark (Newark) brands at Atlanta Hartsfield, Chicago O'Hare, Houston Hobby, New York LaGuardia, New York JFK, Newark, Philadelphia, Oakland and Oklahoma City Will Rogers. More information is available at www.TheParkingSpot.com.