{"id":1004126344,"date":"2015-09-23T06:49:55","date_gmt":"2015-09-23T14:49:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004126344"},"modified":"2021-05-14T18:22:53","modified_gmt":"2021-05-15T02:22:53","slug":"september-issue-trend-talk-park-it-here","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/september-issue-trend-talk-park-it-here\/","title":{"rendered":"September Issue: Trend Talk\u2014Park It Here"},"content":{"rendered":"

By Anna Spiewak, Senior News Editor<\/em><\/p>\n

\"MVP<\/a>

MVP REIT acquired this four-story, 265-space garage in downtown Houston in June as part of a five-property portfolio.<\/p><\/div>\n

When the most recent economic downturn hit with full force, MVP REIT<\/a> Chairman & CEO Mike Shustek concluded that only two property categories were truly recession-resilient: cemeteries and parking facilities.<\/p>\n

\u201cI had the choice of either parking cars or parking bodies,\u201d he told Commercial Property Executive<\/em>. Needless to say, Shustek chose the former.<\/p>\n

MVP, a hybrid REIT with diversified holdings of loans and direct investments, bought its first portfolio of parking facilities in June. The deal encompassed a total of five properties in Fort Worth, Houston, St. Louis, Milwaukee and Denver. That expanded the REIT\u2019s holdings to 11 surface parking lots, three parking garages and 2,927 parking spaces.<\/p>\n

As rural populations decline and downtown areas and urban clusters grow ever more demographically diverse, some new residents are bringing cars to neighborhoods where acute parking shortages prevail. That\u2019s when astute investors step in.<\/p>\n

According to Shustek, developers like surface lots and parking structures for their redevelopment potential. The facilities are less complex to redevelop than properties whose tenants must first leave or be bought out. And while the owner prepares to build or sell, the facility continues to generate revenue. All of the facilities acquired by MVP this summer are located in central business districts, which offer both high demand for parking and redevelopment opportunities.<\/p>\n

But not everyone buys these properties for the sake of redevelopment. BEB Real Estate CEO Bert Brodsky views the niche as a reliable income builder. Steady price appreciation has much to do with that. \u201cTell me the last time you went into a garage where the parking cost was lower,\u201d he said. \u201cEvery time you go into a parking garage, it\u2019s more money.\u201d BEB currently owns five parking facilities. The first one Brodsky\u2019s company bought, in 2002, was in Miami\u2019s South Beach neighborhood. Most recently, BEB acquired a 200-space garage in the Long Island City section of Queens, N.Y.<\/p>\n

\u201cWe\u2019re generally not sellers unless the economics demand far more than what the garage is worth,\u201d Brodsky added. He quipped that BEB is always ready to acquire a parking asset\u2014as long as it is located within an easy drive of headquarters in Port Washington, N.Y. (New York, New Jersey and Connecticut all qualify, he added.)<\/p>\n

According to the National Parking Association, parking is a $25 billion business encompassing more than 40,000 properties. The five states with the most facilities are California, Florida, Massachusetts, New York and Texas. If you still doubt that this investment specialty deserves to be taken seriously, consider that in July, the Green Parking Council awarded its inaugural Green Garage Certification to seven facilities. Candidates were rated on 48 elements of operation, programs, structure and technology. The newly certified facilities range in location from Los Angeles, Houston and Denver to Ithaca, N.Y.<\/p>\n

In Brodsky\u2019s view, more investors should jump on an opportunity made particularly attractive by basic supply-and-demand dynamics. \u201cSome people like shopping centers. I think brick and mortar is not a good investment, because there\u2019s more Internet buying (now),\u201d concluded. \u201cBut I believe garages are a good investment, because there are more cars and fewer parking spots.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Guess which property amenity is truly recession-resistant?<\/p>\n","protected":false},"author":952,"featured_media":1004126346,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783],"tags":[],"class_list":["post-1004126344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"acf":[],"yoast_head":"\nSeptember Issue: Trend Talk\u2014Park It Here - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/september-issue-trend-talk-park-it-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"September Issue: Trend Talk\u2014Park It Here\" \/>\n<meta property=\"og:description\" content=\"Guess which property amenity is truly recession-resistant?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/september-issue-trend-talk-park-it-here\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-23T14:49:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T02:22:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/08\/TREND_GARAGES_MVP-REIT-Houston-Property.jpg.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2399\" \/>\n\t<meta property=\"og:image:height\" content=\"1599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/september-issue-trend-talk-park-it-here\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/september-issue-trend-talk-park-it-here\/\",\"name\":\"September Issue: Trend Talk\u2014Park It Here - 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