Laz Parking is branching out from its specialty of managing parking at commercial and residential locations to the fast-growing, in-demand segment of parking for tractor-trailer trucks.
Laz Parking acquired a majority stake in Freight Ninja, operator of about 50 industrial outdoor storage properties in a dozen states, according to a statement. Freight Ninja’s portfolio includes parking areas for large trucks and trailers, and the deal will give the company the financial and operational support needed to accelerate its growth, according to the statement. That support is expected to include human resources, insurance, accounting, tax, treasury, compliance and technology. Financial terms of the agreement weren’t disclosed.
The acquisition marks Laz Parking’s initial entry into the industrial outdoor storage sector. The property type is considered critical in logistics and shipping, but available properties are in short supply. Big investors have recently formed partnerships and strategies to make acquisitions in the sector, including Dalfen Industrial, Centerbridge Partners, H.I.G. Realty Partners and Turnbridge Equities.
Truck parking, a subset of the industrial outdoor storage sector, is also in short supply but high demand. Outpost and GreenPoint Partners last year partnered to develop new truck parking lots.
“We see tremendous opportunity to collaborate on the management of truck parking facilities and storage throughout the United States,” Laz Parking CEO Alan Lazowski said in the statement about its majority stake in Freight Ninja.
Freight Ninja, based in Lombard, Illinois, leases or manages 50 parking facilities in Florida, Illinois, Texas and nine other states. It also provides truck and trailer owners with market analysis, layout optimization and security planning.
“The shortage of safe, secure truck, trailer and container parking has become a major challenge for fleet owners nationally,” Hartford, Connecticut-based Laz Parking said in the statement.
Laz Parking operates parking lots and decks at about 4,000 locations in the U.S. and Canada at offices, hotels, shopping centers, apartment complexes and airports.