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Top parking lot owner switches hands for over $1 billion

TIAA Private Investments and Antarctica Capital have acquired InterPark, a Chicago-based owner and operator of parking garages, from Alinda Capital Partners. No financial terms were disclosed, but a source tells Axios that it was in the ballpark of $1.1 billion. Other members of the buyside consortium included Silverpeak (which will focus on real estate), CIC Capital, China Life, Munich Re and PFA Pension.

Why it matters: InterPark is America's largest parking garage owner and operator, with 57 lots containing 49,000 spaces. Most municipal lots are actually owned by building landlords (who can play havoc with rent costs).