Chicago Parking Investor Deploys $700,000 to Modernize Super Park Garage at Hobby Airport

Chicago investor renovates previously unsafe, deteriorating off-air Houston Hobby Airport parking garage by investing in local vendors. Parking garage now safe, efficient, and faster than other options; positioned for increased revenues.


WEBWIRE – Friday, December 09, 2011

(Houston, TX — December 2011) Hammerschlag & Co., Inc., a nationwide investor and acquirer of parking assets, announced today that the Super Park Garage, purchased last year and located across the street from Hobby Airport at 7979 Airport Boulevard in Houston, TX, has been fully renovated and rebranded to a 21st century automated facility.
 
“We saw an undercapitalized, off-airport parking property that was in disrepair and inefficient,” says John Hammerschlag, President of Hammerschlag & Co., Inc., and the sponsor of the investor group that acquired Super Park. “With the garage’s almost perfect location and shortest ride to Hobby Airport, we saw some real potential. Plus, with all covered parking stalls and the ability to add value to the property through automation, increased capacity, tiered pricing, effective branding, and a positive customer experience – we felt this would be an excellent parking asset with opportunity for revenue growth.”
 
Over $700,000 in capital improvements have been made primarily through local Houston contractors and specialty vendors to refurbish the property in the following ways:
 
Turnkey Efficiency: 1) All of the revenue and access control equipment was replaced through a local Houston distributor and electrical contractor.  The old Super Park garage had a single exit lane manned by a cashier, resulting in long lines of cars departing during peak travel periods. The newly equipped facility offers two fully automated free-standing pay stations and two automated exit lanes, ensuring swift departure. 2) Airport parking shuttles previously picked up and delivered patrons at their cars; a slow and cumbersome process in a multi-level facility which extended the time spent in, or waiting for, a bus by all customers. Shuttles now pick up and deliver patrons at the ground floor elevator lobby. This significantly diminishes the round-trip time to the airport for all customers and increases the frequency of Super Park shuttles to the airport. Additionally, customers may now pay for parking in the ground floor elevator lobby, which further expedites departure from the garage.
 
Increased Capacity: The stall count at Super Park was increased from 710 to 865 parking stalls. A Houston engineering company created a new, more efficient parking layout and when further modified by Hammerschlag allowed for the creation of 155 new parking spaces. 
 
Improved Appearance: The exterior of the garage and the interior elevator core have been power washed and repainted by a local painting contractor.  Broken interior light fixtures have been repaired and the roof skylights were power washed for the first time in years to permit natural sun light. Clear signage and way-finding has been introduced. Exterior signage promotes Super Park which is now bright, clean, and easy to traverse.  New shuttle buses have been wrapped in Super Park’s distinctive purple hue emphasizing the new Super Park “shield” logo increasing awareness of the brand and strengthening its identity in the Houston market.
 
According to Hammerschlag, Super Park has achieved its current automation goal which allows for premium and economy parking through tiered pricing. Future enhancements expected in 2012 include bar-coded online discount coupons, a customer loyalty program via a web-enabled system, and online reservations all in an automated cashier-less environment.
 
Mike Hassler, First Vice President of CBRE, who has followed this property for years and observed the recent changes, believes the purchase of Super Park has been a wise investment made successful through expert parking knowledge and fastidious execution. “Hammerschlag & Co., Inc., has renovated, retrofitted and automated the garage while increasing its capacity in a thoughtful disciplined manner. With the best location at Hobby Airport and sufficient capital resources committed to improving the asset, Super Park is a classic case study in promoting repeat customer business and increasing profitability. It’s now a terrific parking asset.”
 
Hammerschlag says his firm has had good experiences working with the City of Houston, the Houston Airport System, and local service providers who have completed their work on time and within budget. “We view this investment very positively. Customers appreciate the efficient, quick, and seamless parking experience; local contractors and service providers performed admirably; and our investor group is pleased with Super Park’s financial performance. Striving to grow a business in Houston has been a great experience.”
 
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About Hammerschlag & Co., Inc., Chicago, IL           
Hammerschlag & Co., Inc. acquires parking assets nationwide and makes innovative and value-added improvements to our portfolio. We purchase parking garages, parking lots, off-airport facilities, and other real estate with a major parking component. Our parking investments benefit from a hands-on approach through value-added capital improvement programs, parking asset management, and facility conversion to automated systems. With over 35 years in the parking industry, our parking advisory assignments share similar benefits and scrutiny.
 
Contact Information:
John Hammerschlag, President
Hammerschlag & Co., Inc                                                
(312) 494-0371
john@hammerschlagparking.com
 
Jack Stead, Director of Acquisitions
Hammerschlag & Co., Inc.
(312) 494-1190
jack@hammerschlagparking.com



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 Houston
 Investor
 Local vendors
 Parking garage
 Economy
Contact Information
John Hammerschlag
President
Hammerschlag & Co., Inc.
(1) (312) 494-0371
Contact via E-mail


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