Parkway Corporation Announces Acquisition in Philadelphia

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Jun 13, 2023, 16:12 ET

PHILADELPHIA, June 13, 2023 /PRNewswire/ -- Parkway Corporation, a Philadelphia-based real estate developer, investor, and best-in-class parking operator, is pleased to announce the acquisition of a 28-space parking lot at 37 North 2nd Street. A Parkway affiliate, Parkway U.S. Land Carry Fund I, LP completed the acquisition.

The surface lot is in the heart of Old City, steps from Christ Church, the Arden Theater, and countless other points of interest in one of the most historic neighborhoods in the country. It is conveniently located near I-95, the Vine Street Expressway, and the Ben Franklin Bridge. The acquisition is Fund's sixth purchase as part of its national strategy.

"We're thrilled to acquire this high-quality asset in our hometown, especially one of the few parking sites left in Old City," said Robert Zuritsky, President and CEO of Parkway Corporation. "We recognized the potential in the existing operation and we are already bringing the parking facility up to Parkway's high brand standards for technology and customer experience. Our acquisitions team is looking forward to growing our portfolio even more."

Parkway U.S. Land Carry Fund I, LP was established to make acquisitions in primary, secondary, and tertiary markets that have mature or emerging paid–parking characteristics, a multiplicity of parking demand generators, and demonstrable economic momentum and business growth. This platform is focused on acquiring surface parking lot facilities that have current operating cash flows where a higher or better use may be achievable over a longer time horizon.

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 nearly 100 years in combining operational excellence and innovative technology to deliver exceptional products and customer experiences. More information about the company is available at www.parkwaycorp.com or connect with us on Facebook, Twitter, and Instagram.

Contact:
Sara McGovern, Slice Communications
[email protected]
610-914-5977

SOURCE Parkway Corporation