We leverage our parking expertise and experience to optimize cash flows from attached parking, resulting in increased economic value of the overall property.
Hartford, Connecticut (PRWEB) June 16, 2015
Propark America (“Propark”) is pleased to announce its participation a joint-venture (“JV”) focused on the parking real estate sector. The “JV” is focused on acquiring off-market, cash flowing parking assets in the United States over the next three years.
Two Propark senior executives, David Schmid and Tom Bechard, alongside with Rick Baxter the CEO of Parkit [TSX-V: PKT, OTCQX: PKTEF] will form the group that will be responsible for the day-to-day operations and management of the JV.
David Schmid, Chief investment Officer of Propark, said: “Many real estate owners perceive attached parking facilities as a necessary property amenity, but disproportionately focus on their core asset, be it a hotel, office or retail property. We leverage our parking expertise and experience to optimize cash flows from attached parking, resulting in increased economic value of the overall property. At the same time we are able to increase service levels, which lead to a better customer experience, a win-win situation for the property owner and us.”
Propark has extensive experience operating parking assets, having managed and owned parking assets for over 30 years. Currently Propark operates more than 400 parking facilities and 100,000 parking spaces across the United States. Propark is committed to a boutique parking management service delivery model that provides clients with high-touch parking management customer service and value-added parking service amenities. By encouraging ownership with a progressive profit sharing plan that reaches every parking employee, Propark has created a parking management work environment dedicated to continuous improvement and integrity.
Parkit Enterprise Inc. ([TSX-V: PKT, OTCQX: PKTEF is engaged in the acquisition, optimization, and asset management of income-producing parking facilities across the United States.
Chief Investment Officer
One Union Place
Hartford, CT 06103
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