Hartford’s ProPark Inc. and its officer-owned Parking Real Estate LLC said they have closed an $18.6 million acquisition of an Oakland, Calif., parking facility that Propark has managed since 2001.
Expresso Airport Parking is a 14-acre facility located near Oakland International Airport.
Parking Real Estate said it’s the first parking acquisition from the fund it is building with its new real estate investment partner, Parkit.
The companies, which became acquainted through the development, ownership and operation of a parking facility in Colorado, hope to make $500 million worth of acquisitions over the next five years.
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