Mobile Infrastructure sells Honolulu garage for $16.5 million

Mobile Infrastructure Corporation (NASDAQ: BEEP) completed the sale of its Marks Garage parking facility in Honolulu, Hawaii, for $16.5 million, the company announced.

The 308-stall parking facility sale resulted in $8.1 million being applied to repay mortgage principal on the company's $75.5 million CMBS facility. An additional $4.5 million was used to reduce the company's Preferred Line of Credit.

The transaction brings cumulative proceeds from Mobile Infrastructure's asset rotation program to more than $30 million. The Cincinnati-based company targets approximately $100 million in total proceeds from non-core asset dispositions over a 36-month period.

The weighted average implied capitalization rate on disposed assets is approximately 2% based on parking net operating income, according to the company's statement.

"The sale of our Honolulu asset and continued progress on reducing our line of credit underscores the effectiveness of our asset rotation strategy," said Stephanie Hogue, Chief Executive Officer. "Reducing our cost of capital and further strengthening our balance sheet remain strategic priorities."

Mobile Infrastructure describes itself as the nation's only publicly traded owner of parking infrastructure. As of March 31, 2026, the company owned 35 parking facilities across 18 markets with approximately 13,200 parking spaces and 4.6 million square feet.

The company continues to evaluate additional capital allocation opportunities, including share repurchases and asset acquisitions, according to the statement.

You May Also Be Interested In

• Boeing names Ryan Shedd as new SVP and controller
• Alzamend Neuro (ALZN) files for 98.4M share offering by selling stockholders
• Solowin Holdings marks 10 years, expands into stablecoins and AI