Dane & Company acted as an expert witness for a property owner whose parking facility had been condemned by a state-chartered agency. We developed a complete strategy for evaluation; provided insights into the deficiencies of the current operation and worked up budgets for existing and ideal operations and introduced our client to additional specific help in identifying increased value. Our client was able to settle the case at a favorable value despite the fact that they had no control over the current operation and few comparable locations to look to for valuation purposes.
We have acted as an adjunct asset manager for ownership of a prominent garage for 8 years. During that period:
- We developed an initial strategic plan for a garage that was then ¼ full and too large for its location. The plan is still in place today but the market has changed and the actions under the plan have changed accordingly.
- We ran a smart RFP to find the best local operator for both service and NOI production.
- We worked with the operator, under a contract of our design, to dramatically improve operations.
- We continue to provide both analysis and oversight for this client under an inexpensive program that neither interferes in the operation nor limits the owner’s options.
- We have worked with the owner’s asset managers to review and improve all of the garage systems—operating, safety and mechanical.
We devised a simple, inexpensive sale/evaluation plan and RFP for a good client that had both a problem operation and a need to sell. By working up a relationship with their realtor, we ran a successful RFP despite never having visited the location. The RFP, the operating NOI improvements and the sale of the property were all accomplished in a few months with the exchange of emails and a half dozen conference calls.
We were tasked by a client with the responsibility of finding an operating partner for a large group of parking facilities. We reviewed the current operating statements; identified the areas of improvement that were available and found the right operator for the on-going operation.
Medical Area/Seaport/CBD/Government Center, Boston
We have done many dozens of simple operational and financial audits on Boston Garages. All of our audits identified the key problem areas with systems, procedures and controls and all identified simple changes that produced meaningful changes in quality of operations and NOI.
Boston Metro Area
We audited and substantiated the loss of revenue from a large group of transit locations. Our analysis showed the client the basis and amounts for the losses which they subsequently recovered. In the process of doing our work, we also showed their audit department, at no additional cost to them, how to track and analyze future revenues received and how to audit for the reporting of revenues.
Los Angeles, CA
With only two trips to the location, we developed both a strategic plan and conducted a full RFP for a change of operator. We worked with both the new operator and with other local resource providers to produce a compete turn-around in operations and NOI. We have continued to provide this owner with simple strategic advice.
Boston and Manhattan
For various clients we have developed simple garage repair plans that represent both a good strategy for keeping the facilities in good structural condition and for installing or maintaining a water-proofing membrane. For these clients:
- We Identified what had to be done first and what could better be done over time.
- We quantified all of the costs and put them into an actionable long-term plan by area or type of repair.
- We ran simple RPF’s to select the right contractor for the work.
We are not structural engineers and have no ability to sign or craft plans. But we owned and maintained dozens of garages during our entrepreneurial career and we have very good knowledge of what works, what it costs and what lasts.
We have acted as an advisor to a Boston hotel ownership client for twenty years. We began with the simple assignment of running a financial audit on a single location. Since then we have advised this client on every aspect of their various hotel’s parking operations and development growth. In addition to RFP’s, audits and other work for this client, we have also advised them continuously on market trends and on the implications for parking to be developed for new space and facilities.
Long Island, New York
We advised and provided adjunct asset management services continuously for 15 years to the owner of an airport parking concession. We worked on every aspect of ownership’s responsibilities with the property including: governmental relations, contract obligations, financial reporting, audits, operator supervision, re-designs, equipment purchases and rate changes. We also supervised a large construction project at the location, working with a contractor found by us, and provided all of the sign-offs and documentation necessary for a quality job. Subsequently, we worked with a broker that we had introduced to our client to sell the asset on a timely basis.