Charlotte Parking Facility

Charlotte Parking Facility

North Colleg St., Charlotte, NC| Off-Market Acquisition | Dec 2024

• Appraisal
• Survey
• Phase 1
• Warranty Deed

Overview

The Charlotte Parking Facility is a seven-story, institutional-grade asset located directly across from the Spectrum Center, home of the Charlotte Hornets. This premier location places it at the heart of one of the fastest-growing cities in the U.S., ensuring steady demand from event-goers, office workers, and downtown visitors. Acquired in an off-market, direct-to-owner transaction, this asset represents a prime example of our ability to secure high-quality investments at a discount in a constrained market.

About the Project

In real estate, location is everything—and this property is as good as it gets. Situated within walking distance of the Spectrum Center, Bank of America Stadium, Truist Field, and Charlotte’s booming central business district, this parking facility benefits from year-round demand drivers. The property sits amid some of Charlotte’s most sought-after hotels, office towers, and high-end residential developments, creating a diverse and resilient customer base.

From a market perspective, Charlotte is experiencing explosive population and business growth, positioning this asset for sustained long-term appreciation. This acquisition isn’t just about today’s revenue—it’s about securing a cash-flowing asset in one of the nation’s most dynamic urban markets.

The Challenge

Why was such a prime asset available at an attractive price? The answer lies in a combination of market inefficiencies and ownership distress. The previous owners, a fragmented ownership group, lacked the operational expertise to maximize revenue and optimize parking rates. Additionally, the property was operating with below-market pricing, leaving significant revenue potential untapped.

With outdated management practices and an inefficient revenue model, this facility presented a rare opportunity: a stabilized, in-demand asset in an irreplaceable location, but with clear upside for a skilled operator like Sunrise Capital Investors.

The Plan

Our immediate strategy focuses on revenue optimization and operational efficiency:

1. Rate Adjustments – A citywide parking study revealed that rates at this facility were 20% below market. By aligning pricing with comparable locations, we anticipate an immediate revenue boost.
2. Event-Based Pricing Enhancements – With the Spectrum Center hosting year-round NBA games, concerts, and events, there is significant potential to adjust event parking rates dynamically to capture peak demand.
3. Operational Efficiencies – We plan to streamline management, implement automated payment systems, and explore partnerships with ride-sharing and logistics companies to increase utilization.
4. Exploring Additional Revenue Streams – Through strategic partnerships, we will evaluate the potential for long-term lease agreements with nearby businesses, VIP parking memberships, and corporate parking contracts.

These initiatives position the Charlotte Parking Facility for a significant Net Operating Income (NOI) increase while maintaining its strong defensive qualities as a recession-resistant asset.

The Outlook

Our investment philosophy centers on long-term cash flow, and the Charlotte Parking Facility is a perfect fit for our portfolio. With predictable, stable demand from multiple user bases—including sports fans, office workers, hotel guests, and visitors—this asset will generate consistent revenue for years to come.

For our investors, this deal exemplifies the power of strategic, off-market acquisitions in high-growth urban centers. By acquiring, optimizing, and holding premium assets like this, we continue to build infinite cash flow and legacy wealth for our partners.