101 N Brand
Parking Advisors was engaged to conduct an acquisition analysis of a 408,051 square foot building located in downtown Glendale adjacent to The Americana and Glendale Galleria shopping centers. In addition to office space, the building has 58,000 square feet of retail space which includes BJ’s Brewhouse, Islands, Olive Garden and California Pizza Kitchen.
- 1,406 space, 8 floor parking facility
- Revenue increased from $1.7 million to $2.3 million from 2016 to 2019
- Expenses decreased $40,000 annually in year 1 by decreasing the operator’s fees
Parking Advisors identified significant action items that increased revenue and decreased expenses:
- Optimized Parking Space Utilization – The garage has three separately gated lower floors that were underutilized, despite tenant complaints about the lack of available parking. Some tenants were parking offsite in a competitive parking facility. Parking Advisors reconfigured access to the lower floors and moved parkers from the offsite parking facility to 101 N Brand.
- Automated the Facility & Moved the Garage Office – The parking system was upgraded which eliminated a cashier position and lowered expenses approximately $63,000 per year. In addition, the garage office was moved so the garage manager and staff could view the exit lanes from the garage office which resulted in increased customer service levels and less revenue leakage.
- Lowered the Operator’s Fees – The operator had a low fixed management fee; however, was marking up other line items significantly. Parking Advisors negotiated with the operator and lowered the fees associated with those line items.
- Improved Revenue Controls – Parking Advisors improved the parking system’s reporting which provided better data to make more intelligent pricing decisions as well as monitor key revenue control points. Parking Advisors identified issues with unredeemed tickets, monthly card reconciliations and validations. By implementing improved revenue control measures, revenue increased and more parking spaces were available for tenants.