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Century-Old Parking Firm to Partner on Garage Operation

System Property Development Company Inc., a century-old parking garage operator in Sherman Oaks, has signed a partnership with SP Plus Corp. in Chicago.

Joel Russel
By Joel Russel
263

System Property Development Company Inc., a century-old parking garage operator in Sherman Oaks, has signed a partnership with SP Plus Corp. in Chicago, the companies announced Wednesday.

Under the agreement, SP Plus has taken over operations at 25 System Property owned and managed parking locations in California and Ohio. SP Plus manages parking for aviation, retail, hospitality and institutional clients.

System Property has a history of 101 years in business, including handling parking for the Academy Awards in the 1950s.

While SP Plus will operate the parking facilities, System Property will continue to own the underlying real estate.

“SP Plus is an industry leader in all things parking and has a proven track record of adding value to portfolios,” System Property Chief Executive David Damus said in a statement. “This deal allows us to solely focus on growing our national commercial real estate portfolio.”

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Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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