Mobile Infrastructure Sells Honolulu Garage for $16.5M, Cuts $12.6M Debt
Mobile Infrastructure sold its 308-stall Honolulu Marks Garage for $16.5 million, repaying $8.1 million of CMBS mortgage debt and $4.5 million on its preferred credit line. Asset rotations have now generated over $30 million in proceeds at a 2% cap rate, bolstering the company’s balance sheet.
1. Sale Transaction Details
Mobile Infrastructure closed on the sale of its 308-stall Marks Garage in Honolulu for gross proceeds of $16.5 million. The company used $8.1 million to reduce principal on its $75.5 million CMBS facility and repaid $4.5 million on its preferred line of credit.
2. Asset Rotation Program Progress
Under its 36-month, $100 million asset rotation program, the company has now exceeded $30 million in cumulative proceeds from non-core dispositions. Disposals have achieved a weighted average implied cap rate of approximately 2% based on parking net operating income, reflecting strong private demand for urban parking real estate.
3. Balance Sheet and Capital Allocation
The debt repayments enhance the company’s balance sheet and reduce its cost of capital, supporting strategic priorities. Management continues to evaluate additional capital allocation moves, including potential share repurchases and new asset acquisitions, in coordination with its board of directors.