Michael J. Nichols Named President of Next Parking LLC
Experienced Parking Industry Veteran Continues to Advance Next’s Platform
SKOKIE, IL (April 10, 2017)—Michael J. Nichols has been named President of Next Parking LLC, a Chicago-based company specializing in the investment and management of parking facilities across the United States. Nichols’ promotion to president, from executive vice president, recognizes his contributions to Next Parking over nearly a decade.
The appointment was announced by Andrew Hochberg, Chief Executive Officer, Next Parking. Next Parking LLC is an affiliate of Skokie, Ill.-based Next Realty LLC.
“Mike’s contributions over nearly a decade have been instrumental in making Next Parking a strong, industry-leading business,” said Hochberg. “It is appropriate to reward his accomplishments as he works to further advance the operations and market share of Next Parking.”
Nichols, who has nearly 25 years of experience in the industry, joined Next Parking in 2008 to execute parking acquisitions, manage Next’s parking portfolio and perform parking consulting. Under his leadership, Next has implemented cash control procedures, audit systems and new technology to parking locations to enhance financial returns and customer service.
Nichols oversees Next’s asset management assignment at Chicago’s Millennium Parking Garage, the nation’s largest underground system. Nichols also has established new relationships and new business opportunities, including an assignment from Goldman Sachs to provide asset management services for a Charlotte, NC parking facility.
“With a vibrant economy and a good level of deal flow, the state of the parking industry is generally strong,” Nichols said. “I am energized and honored by this opportunity and look forward to strengthening our three-tiered platform that includes acquisitions, asset management and operations consulting.”
Nichols has worked for leading national and regional parking management firms in positions of increasing responsibility. He previously was a Vice President of the Middle Atlantic Parking Association and holds a Certified Parking Facility Manager designation as awarded by the National Parking Association.
Nichols graduated from St. Mary’s College of Maryland where he earned a Bachelor of Arts degree in Economics.
About Next Parking, LLC
Next Parking LLC was founded in 2001 as an affiliate of retail real estate investment firm Next Realty LLC. Based on our Acquisitions, Asset Management and Consulting capabilities, we help owners realize the highest value from their parking assets. Our team has over 100 years of combined parking industry experience in all facets of parking ownership and operation. We draw on this experience to offer solutions to our clients that enhance efficiency and improve the operation and cash flow of their facilities.
About Next Realty, LLC
Next Realty, LLC is a privately held, commercial real estate investment firm that has been a leader in the retail and parking property sectors since 1998. . Since inception, Next Realty has made over 60 investments across multiple asset types and locations, representing approximately $500 million in gross asset value, totaling nearly 2,000,000 square feet of retail space and over 3,500 parking spaces nationwide. Our team employs a disciplined investment approach and active asset management to structure transactions and maximize financial performance of our portfolio.