SaleApr 24, 2026, 08:53 AM
Mobile Infrastructure Sells Honolulu Facility for $16.5M, Repays Debt
AI Summary
Mobile Infrastructure Corporation announced the completion of the sale of its Honolulu, Hawaii parking facility, Marks Garage, for gross proceeds of $16.5 million. A portion of these proceeds was used to repay $8.1 million of mortgage principal on its CMBS facility and an additional $4.5 million on its Preferred Line of Credit. This transaction advances the company's $100 million asset rotation program, which has now generated over $30 million in cumulative proceeds, strengthening its balance sheet and reducing its cost of capital.
Key Highlights
- Sold Honolulu parking facility for $16.5 million gross proceeds.
- Repaid $8.1 million mortgage debt and $4.5 million Preferred Line of Credit.
- Cumulative asset rotation proceeds now exceed $30 million.
- Disposed assets' implied cap rate ~2%, surpassing expectations.