Jun 30, 2017

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).

History: Alinda had purchased InterPark for a bit over $300 million from GE Real Estate in 2011, although later invested another $150 million to both add lots and modernize the infrastructure, per a source familiar with the situation.

Bottom line: Municipal parking garages may be heading toward an inflection point (yes, I just wrote that), as we head toward autonomous driving. All sides of cash-flow could look quite different by the time TIAA and Antarctica Capital are ready to sell, with some real estate investors already looking at parking garages as future greenfield properties. For now, this is another case of private equity profiting from real estate-related deals done in the aftermath of the financial crisis.

Go deeper

America's dwindling executions

The Trump administration wants to reboot federal executions, pointing to a 16-year lapse, but Pew Research reports the government has only executed three people since 1963.

The big picture: Nearly all executions in the U.S. are done by states. Even those have been steadily dropping for two decades, per the Bureau of Justice Statistics (BJS) — marking a downward trend for all executions in the country.

Top NSC official may be moved after "Anonymous" rumor fallout

President Trump at the Daytona 500. (Photo: Chris Graythen/Getty Images)

Top Trump administration officials are in discussions to reassign deputy national security adviser Victoria Coates to the Department of Energy from the National Security Council, per two sources familiar with the planning.

Why it matters: Coates' working relationship with National Security Adviser Robert O'Brien, who elevated her to the deputy role only months ago, has strained amid an effort by some people inside the administration to tag her as "Anonymous" — a charge she has vehemently denied to colleagues.

Jeff Bezos commits $10 billion for climate change research

Bezos at Amazon Smbhav in New Delhi on Jan. 15. Photo: Sajjad Hussain/AFP via Getty Images

Amazon founder Jeff Bezos announced the launch of his "Earth Fund" on Monday via Instagram to fund climate change research and awareness.

What he's saying: Bezos says he's initially committing $10 billion to fund "scientists, activists, and NGOS" that are working on environmental preservation and protection efforts.