Green Courte Partners Continues Near-Airport Parking Portfolio Expansion

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Apr 12, 2017, 10:04 ET

CHICAGO, April 12, 2017 /PRNewswire/ -- Green Courte Partners, LLC ("Green Courte") announced today the addition of two new near-airport parking facilities to its expanding portfolio. With these additions, Green Courte's near-airport parking platform, The Parking Spot ("TPS"), now includes 39 near-airport parking properties containing over 68,000 parking spaces and serving 21 major U.S. airports. The new facilities will be operated by TPS, a wholly-owned subsidiary of Green Courte's third investment fund and the nation's largest owner and operator of near-airport parking properties.

The new facilities include additional locations at the following airports:

Austin-Bergstrom International Airport – On February 16, 2017, TPS opened The Parking Spot East, its second near-airport parking location at Austin-Bergstrom International Airport in Austin, Texas. Located at 2935 East State Highway 71, the 1,589-space facility will enhance the company's operating capabilities in the market and allow it to better serve customers approaching from the east side of the airport. The location features a forward-looking sustainable surface parking design and is designated as a Demonstrator Site for Parksmart, the sustainable parking certification of Green Business Certification Inc. (GBCI). The facility's sustainable features include canopies with a high solar reflectance index coating, electrical vehicle charging stations and LED lighting, and more than 50% of the property's land area will be preserved as green space.

William P. Hobby International Airport – On December 19, 2016, TPS completed renovations at Hobby Spot, its third near-airport parking location at William P. Hobby International Airport in Houston, Texas. Located at 7625 Monroe Road, the 1,803-space facility represents the company's value product in the market and offers covered, uncovered and oversized parking spaces at reduced prices combined with its legendary customer experience. Since Hobby Spot commenced operations on January 1, 2016, TPS has improved the quality of the facility through significant capital improvements, including an office renovation, pavement repairs, entrance and exit canopy replacements and an LED lighting retrofit.

Richard Barone, a representative for the owner of the Hobby Spot property, stated, "We are pleased to have successfully completed a transaction with Green Courte. In what ultimately proved to be a complex deal, we worked together to develop creative solutions to a number of challenges that arose along the way, which enabled us to close on the terms to which we had originally agreed."

Commenting on the transaction and Green Courte's investment goals, Jordan Kerger, Managing Director of Acquisitions at Green Courte, added, "We continue to seek opportunities to expand our near-airport parking portfolio through our fourth investment fund, Green Courte Real Estate Partners IV, LLC, which has equity commitments of $500 million. Our unique capital base, long-term investment horizon and deep experience enable us to customize creative transaction structures (e.g., tax deferral, joint venture, estate planning, etc.) that meet the specific needs of each seller."

About Green Courte Partners, LLC
Green Courte Partners, LLC is a Chicago-based real estate private equity investment firm focused on building industry-leading companies within niche real estate sectors, including near-airport parking facilities, active adult/independent living senior housing properties 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 real estate assets that will generate attractive risk-adjusted returns over a long-term holding period. For additional information, please visit Green Courte's website at www.GreenCourtePartners.com.

About The Parking Spot
As the nation's largest near-airport parking company, with 39 convenient locations at 21 major U.S. airports, The Parking Spot makes airport travel simple and seamless. The Parking Spot's friendly and courteous team members, outstanding value, unmatched customer service commitment and industry-leading Spot Club loyalty program combine to ensure The Parking Spot is the best part of its guests' travel experience. For more information, please visit www.theParkingSpot.com.

For near-airport parking acquisition inquiries, please contact Jordan Kerger at (312) 966-3828 or [email protected]

SOURCE Green Courte Partners, LLC