SAN FRANCISCO (Feb. 16, 2012) – Grubb & Ellis Company today announced that Seth McKinnon, vice president, Investment Services, represented InterPark LLC in the acquisition of Museum Parc Garage, a three-story, 353-stall parking structure located at 300 3rd St., from an private seller.
“Museum Parc is an extremely well-located parking asset that benefits from significant and diverse demand generators ranging from a rapidly expanding technology base to existing condominium owners and resurgence in convention business,” McKinnon said.
InterPark LLC is the premier owner of parking assets in the U.S. The company also owns and operates PreFlight Airport Parking, an off-airport parking provider with locations at nine of the largest airports in the United States.
This represents the third parking garage transaction McKinnon has facilitated over the past 12 months. In February 2011, he represented AGI Capital and TMG Partners in the disposition of the 364-stall SOMA Grand Garage, located at 1160 Mission Street, to a private buyer. In addition, he represented a private seller in the disposition of a 185-stall parking garage located at 490 Post St.
In total, McKinnon has transacted 902 parking stalls with a combined consideration of $28 million.
“We work closely with local and national parking operators and investors to ensure they have a full understanding of a market’s parking demand and trends. Other factors, such as a city’s parking codes, tax laws and future parking initiatives, also come into play when a client is making a decision about a parking structure,” he added.
For more information, contact McKinnon at 415.694.9698.
About Grubb & Ellis
Grubb & Ellis Company is one of the nation’s largest commercial real estate services firms, providing transaction services, property management, facilities management and valuation services through more than 100 company-owned and affiliate offices. Our 4,300 professionals draw from a unique platform of services and practice groups to deliver integrated solutions to real estate owners, tenants and investors, and each business is supported by highly regarded proprietary market research, best-in-class processes and extensive local expertise. In 2011, Grubb & Ellis completed approximately 12,000 sale and lease transactions and the company and its affiliates currently manage more than 250 million square feet of property. For more information, visit www.grubb-ellis.com.
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