Macquarie Files for Chapter 11 to Sell its Airport Parking Group

According to this article Australian owned Macquaire Infrastructure Management is finalizing its exit from the airport parking business by filing Chapter 11 and selling its Parking Corporation of America off airport operations (31 locations at 20 airports) to Bainbridge ZKS, a San Diego based fund that owns other off airport operations in Seattle, Oakland, San Jose and San Diego. One of the company's Partners, Gary Cootes, is President and Founder of Cootes Consulting Inc. and Airport Parking Consultants, Inc. – both parking real estate acquisition and asset management companies located in Los Angeles. Airport Parking Consultants provides acquisition, development and disposition advisory services for MetLife off-airport properties.

This is not news (except maybe the Bainbridge part) since Macquarie announced last year that it was ridding itself of its parking operation.

Perhaps they have discovered that parking operations are more difficult to run from afar. Ours is a hands on business that requires tremendous attention to detail, and intimate knowledge of how parking works. You need people who know the business, how money is made and lost, and how to ensure that income is maximized and loss is eliminated.

Macquaire joins a long list of investment firms that have bought cash rich parking companies only to divest themselves usually at a loss, of the operations a few years down the road. Bainbridge has some experience, and a partner in the business. Probably a good move, and at fire sale prices.

Who would have thought that the parking business was difficult? After all, what can be so hard about putting a car in a space and collecting the rent on the space? Hmmmmm

JVH