Mobile Infrastructure sells Honolulu Marks Garage for $16.5 million

Mobile Infrastructure Corp

Mobile Infrastructure Corp

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  • Mobile Infrastructure closed sale of Marks Garage, a 308-stall parking facility in Honolulu, for gross proceeds of $16.5 million.
  • Proceeds funded repayment of $8.1 million of mortgage principal on its $75.5 million CMBS facility.
  • Transaction also reduced Preferred Line of Credit by $4.5 million.
  • Asset rotation program disposals have exceeded $30 million in cumulative proceeds.
  • Disposed assets imply a weighted average capitalization rate of about 2% based on parking net operating income.


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