Pricey parking: Warehouses for wealthy car collectors emerge as new niche in storage

Car collectors and wealth-management professionals say wealthy people increasingly acquire rare vehicles rather than art and wine collections

Miami /
Oct.October 20, 2018 12:45 PM

A 1971 Plymouth Barracuda (Credit: Ullstein Bild | Getty Images)

Collectors of vintage cars face a bigger storage challenge than owners of wine and art collections.

That’s why car warehouses are opening across the country with parking for 100 or more collector’s items, from classic Porsches to Plymouth Barracudas, according to wealth-management advisers and and car collectors.

For example, hedge fund partner Henry Robertelli of Axius Holdings is building out a 7,000-square-foot space for car storage inside a warehouse in suburban Atlanta that spans almost 35,000 square feet. “There’s a demand for it,” Robertelli told Bloomberg.

Matt Farrah, a Los Angeles-based media entrepreneur, is building a 13,800-square-foot garage in west Los Angeles with storage space for as many as 140 cars. Farrah told Bloomberg that he has 85 people on a waiting list who are prepared to pay a monthly fee of as much as $1,500 per parking space when the garage opens in the summer of 2019.

Farah – whose personal car collection includes a Mercedes SL 500, a Porsche 911 and a Lamborghini – expects to invest $10 million to develop his LA car-storage facility. He also plans to open car warehouses in other markets “with a lot of money and no parking,” Bloomberg reported.

Wealthy collectors have turned their attention toward cars and away from art and wine in recent years, and most of them want car storage that is remote from their residences, according to Timothy Sheehan, a senior director of BNY Mellon Wealth Management in Atlanta.

In South Florida, developers Louis Birdman and Jay Massirman have built a condominium for storing cars, called AutoHouse. They priced storage units at the property in Miami’s Overtown neighborhood from $350,000 to $1.5 million.

Popular collectible cars include vintage Mercedes and Ferraris and new limited-edition cars such as the Porsche Turbo S Exclusive as well as Chevy Chevelles, Plymouth Barracudas and other muscle cars manufactured in the 1960s. Restored Volkswagen buses also are popular among collectors. [Bloomberg] Mike Seemuth


Related Articles

arrow_forward_ios
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
McDowell wants to build 201 apartments near Homestead, puts land under contract
Jackie Soffer with 2750 Northeast 199th Street (Google Maps, Turnberry.com)
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Jackie Soffer’s Turnberry proposes office/retail project near Aventura Mall
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
Kobi and Nancy Karp buy Walgreens-leased property in Delray Beach
New York, Miami, Chicago, Los Angeles, San Francisco and Chicago (iStock)
As rent explodes nationally, Miami tops the charts
As rent explodes nationally, Miami tops the charts
Alta Developers’ Raimundo Onetto in front of the development site (Google Maps)
Heading south: Alta buys dev site for apartment complex near Homestead
Heading south: Alta buys dev site for apartment complex near Homestead
Grant Cardone and a rendering of LAs Olas Walk (Cardone Capital, ZOM/McNeal Realty)
Grant Cardone to buy $750M in SoFla apartments
Grant Cardone to buy $750M in SoFla apartments
The current building on Dania Beach (Google Maps)
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
Shuttered Dania Beach waterfront restaurant could get new life as Lucky Fish
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...