An empty parking lot is shown at a closed JCPenney store in Roseville, Michigan, Friday, May 8, 2020.REEF Technology announced $1 billion in investment last week: $700 million in investments from Abu Dhabi's sovereign wealth fund, SoftBank and others, and a $300 million property acquisition fund with Oaktree Capital.
REEF Technology's plan is to convert parking lots into logistics hubs that offer food delivery from ghost kitchens, and light warehouses for last-mile logistics.REEF Technology, the parking lot operator that's reimagining parking space as hubs for light logistics and ghost kitchens, announced last week that it has raised funds to double the size of its operations to 10,000 lots and garages.
REEF already operates more than 4,500 parking lots and garages and is the largest operator in North America. While REEF usually leases space, Neighborhood Property Group will actually acquire lots. According to