Green Courte Partners and Next Realty Acquire Hartford Off-Airport Parking Facilities

CHICAGO, December 14, 2004 – Green Courte Partners, LLC and Next Realty announced today their joint venture acquisition of three off-airport parking facilities serving the Bradley International Airport in suburban Hartford, Connecticut. The $26 million acquisition was made by Hartford Parking LLC, a joint venture between affiliates of Green Courte Real Estate Partners, LLC and Next Realty.

Bradley International Airport, serving the Hartford and Springfield, Massachusetts areas, is New England’s second busiest airport and the 49th busiest airport in America. Bradley International is positioned for growth in regional and point-to-point traffic with the 2002 completion of a second terminal and 12-gate concourse. The three acquired facilities consist of 5,300 parking spaces and are operated under a long-term triple-net lease by an affiliate of Parking Company of America, a national operator of 21 off-airport parking facilities.

Commenting on the acquisition, Randy Rowe, Chairman of Green Courte Partners, LLC, stated, “The Hartford off-airport parking acquisition is consistent with our strategy of acquiring assets in niche sectors, such as parking, that have limited competition and offer steady growth potential.”

Andrew Hochberg, Managing Principal of Next Realty, added that, “The acquisition not only provides stability through its triple-net lease structure, but also provides an opportunity to participate in the continued recovery of air travel through percentage rent.”

Green Courte Partners, LLC is a Chicago-based private equity investment company targeting niche real estate sectors, including manufactured housing communities and parking assets. 

Next Realty, with offices in Chicago and Alexandria, Virginia, is a real estate investment company specializing in the acquisition of shopping centers, retail land and parking structures. Please visit the company’s website at www.NextRealty.com.