Laz buys Interpark Locations

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Laz buys Interpark Locations

Laz Parking has acquired 89 locations from Interpark. The 89 parking operating contracts consisting of 30,527 parking spaces including managed, leased and owned facilities that are located in five key markets: Philadelphia, Washington, D.C., Atlanta, Orlando and the Tampa region.

 

According to Doug Poirier, COO for InterPark, “We look forward to partnering with LAZ Parking as they have a strong customer service culture. When shopping for a buyer, we were attracted to LAZ for various reasons. We knew they would provide a good home for our employees; they would take good care of our landlord/client group and would operate the InterPark-owned assets in those markets in a professional and conscientious manner.”

 

This means that LAZ now operates over 1300 locations with 435,000 spaces in 21 states and 99 cities.

 

JVH

John Van Horn

John Van Horn

2 Responses

  1. Wonderful! another big company taking over a smaller operator.The client has less parking operator to choose from.

  2. I wouldn’t classify InterPark as a “smaller operator.” While their location count was certainly less than, say, Standard or CPS, as owner/operators of many assets, their net income wasn’t that far off the mark. None of the owned entities are being sold to Laz, only the operations in certain markets. InterPark still runs numerous CBD locations in Chicago, Milwaukee, Pittsburgh, St Louis, and in multiple off-aiport markets throughout the country. As a GE Capital Real Estate-owned entity, however, it probably just made sense for them to begin to move back towards their true core business platform – real estate ownership.

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