Lake Forest, Illinois (October 3, 2005) – Green Courte Partners, LLC, a private real estate investment firm targeting niche sectors, announced today the acquisition of the SkyPark off-airport parking facility serving the San Francisco International Airport (“SFO”).
The SkyPark parking facility is the closest off-airport parking location to the SFO terminal, and consists of 1,750 parking spaces, including 950 covered spaces. The facility is operated under a long-term triple -net lease by San Bruno SkyPark Associates, L.P., under the name “SkyPark.” SkyPark is the only off-airport location in the market that provides an all-valet parking service and secured, covered parking. SFO is the 13 th busiest U.S. airport, and registered an 8.8% increase in enplanements in 2004 following a 28% enplanement decrease between 1999 and 2003.
Commenting on the acquisition, Randy Rowe, Chairman of Green Courte Partners, LLC, stated, “This parking property provides an opportunity to participate in a recovery of the Bay Area economy and SFO enplanements in a highly supply-constrained real estate market. The acquisition is consistent with our strategy of acquiring assets in niche sectors, such as parking, that have limited competition and offer steady growth potential.”
Green Courte Partners, LLC is a Chicago-based private equity investment company targeting investments in niche real estate sectors, including parking, manufactured housing communities, and infill retail assets in high-barrier locations, through transaction structures customized to achieve seller objectives. The company’s goal is to invest in high quality assets that will generate attractive risk-adjusted returns over a longer-term holding period.