PHILADELPHIA, Aug. 1, 2024
/PRNewswire/ -- Parkway Corporation, a real estate developer,
investor, and operator, is pleased to announce the acquisition of
parking lots in Charlotte, North
Carolina, Kansas City,
Missouri, and Fort Worth,
Texas. A Parkway affiliate, Parkway U.S. Land Carry Fund I,
LP, completed the acquisitions.
"We're excited to acquire properties in three dynamic growth
markets across the country," stated Robert
Zuritsky, President and CEO of Parkway Corporation. "Despite
industry headwinds as a result of rapid interest rate and
construction cost increases, we are accelerating our acquisition
efforts as we continue to present our platform as the go-to
solution for urban infill parking lot owners."
Charlotte, North Carolina
Parkway acquired a 37-space surface lot in the heart of NoDa, a
vibrant arts and entertainment district in Charlotte, North Carolina. The lot is close to
a diverse set of demand generators including the Neighborhood
Theater, The Evening Muse, and numerous bars, restaurants, shops,
murals, and co-working spaces.
Kansas City, Missouri
Parkway acquired a 69-space surface lot in Downtown Kansas City. It is directly across
the street from the Kansas City
Convention Center, Bartle Hall,
Municipal Auditorium, Crowne Plaza Kansas City Downtown, and
Barney Allis Plaza. It is also in
close proximity to the Power & Light District, T-Mobile Center,
Loews Kansas City, and the Kauffman Center for Performing Arts.
Parkway plans to embark on a capital improvement plan which will
elevate the property to a best-in-class parking facility.
Fort Worth, TX
Parkway acquired two contiguous surface lots totaling 110 spaces
in Downtown Fort Worth from
separate sellers. The combined lot is close to the Fort Worth Convention Center, Texas A&M Fort Worth campus, Omni
Hotel, Eldon B. Mahon Federal Courthouse, Fritz G. Lanham Federal
Building, Burnett Plaza, Texas Workforce Commission, and
Fort Worth City Hall. Texas A&M has broken ground on a 3.5-acre
multi-phase technology and innovation district anchored by the
Texas A&M School of Law, and the Convention Center is embarking
on a multi-phase expansion plan to accommodate larger meetings.
This includes new back-of-house facilities, street realignments to
facilitate the development of a future hotel, and the addition of
new exhibit halls, ballrooms, and meeting rooms.
These transactions increase the Fund's holdings to 12 locations
as part of its national strategy and add to a portfolio of assets
that includes properties in Richmond, New
Orleans, Tampa,
Philadelphia, Tulsa, and
Chattanooga.
Parkway U.S. Land Carry Fund I, LP was established to make
acquisitions in primary, secondary, and tertiary markets with
mature or emerging paidāparking characteristics, multiple parking
demand generators, and demonstrable economic momentum and business
growth. This platform focuses on acquiring surface parking lot
facilities with current operating cash flows where a higher or
better use may be achievable over a longer time horizon. The Fund
partners with local real estate brokers and parking industry
experts to identify high-quality locations for acquisition.
About Parkway Corporation
Parkway is a full-service real estate developer, investor, and
operator with deep expertise in property and parking management.
Founded and headquartered in Philadelphia, Parkway Corporation has been an
industry leader for over 100 years in combining operational
excellence and innovative technology to deliver exceptional
products and customer experiences. For more information about the
company, visit www.parkwaycorp.com or connect with us on Facebook,
Linkedin, and Instagram.
Contact:
Sara McGovern,
Slice Communications
smcgovern@slicecommunications.com
610-914-5977
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SOURCE Parkway Corporation