Central Parking System, Inc., has sold its wholly owned New York City property subsidiary PropCo properties.
In the first of two transactions, Nashville-based Central completed the sale of six parking garages located in Manhattan to affiliates of Extell Development Company. As part of the transaction, Central will continue to manage the parking garage properties for Extell. Financial terms of the deal were not disclosed.
Proceeds of the transaction were utilized to retire all of PropCo’s outstanding debt.
Central also announced that it has agreed to sell the remaining properties in its PropCo subsidiary. The sale is scheduled to close during the company’s second fiscal year quarter. |
