Parkway Corporation Announces Formation of U.S. Land Carry Fund I, LP

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Sep 01, 2022, 11:03 ET

PHILADELPHIA, Sept. 1, 2022 /PRNewswire/ -- Philadelphia-based Parkway Corporation, a leading parking operator and real estate development and investment company, announced today that it has recently completed the formation of Parkway U.S. Land Carry Fund I, LP. The fund was capitalized to acquire more than $100 million of surface parking lot assets in the United States.

For three generations, Parkway has leveraged innovative management, state-of-the-art technology, customer service solutions, design, real estate acumen, and joint venture-based collaboration to maximize parking asset values. Today, Parkway's portfolio consists of parking and mixed-use assets in central business districts across the United States and Canada, including over 21,000 parking spaces across over 80 structured and surface assets.

Robert Zuritsky, CEO, said, "We are extremely pleased to have completed the capitalization of the fund on the basis of investment by ourselves and some of the most innovative people across all commercial real estate asset classes and non-real estate asset classes as well. Having done this during the height of the pandemic and economic dislocation, we are pleased to have already completed our first four acquisitions."

Parkway U.S. Land Carry Fund I, LP is targeting acquisition opportunities 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.

David Dobkin, Managing Director & Head of Acquisitions for Parkway, added, "We have broad and deep relationships with parking operators, brokers, and advisors across the country. We are formally collaborating with multiple strategic operating partners across the country to help source opportunities and provide unique market and submarket intelligence that we believe sets our platform apart."

According to Daniel Dean, the fund's Operating Partner, "This is the first of many capital platforms that Parkway anticipates utilizing to diversify its footprint nationally while making investment opportunities available to individual and institutional investors. Our profile as a hybrid platform that represents deep operations, real estate, technology, and capital markets capabilities all under one roof is quite unique. As a result, the range of opportunities we see is very broad."

About Parkway Corporation

Parkway Corporation is a real estate developer, investor and best-in-class parking operator. Founded and headquartered in Philadelphia, Parkway Corporation has been an industry leader for over 92 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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "anticipate," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include but are not limited to: national and local economic, business and real estate market conditions; the ability to maintain sufficient liquidity and our access to capital markets; our ability to identify, successfully compete for and complete acquisitions and loans; the performance of real estate assets and loans after they are acquired; and our ability to provide stakeholder value through sales or otherwise dispose of our properties and other assets. Although Parkway Corporation and Parkway US Land Carry Fund I, LP believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Actual results may differ materially from those contemplated by such forward-looking statements. Neither Parkway Corporation nor the Parkway US Land Carry Fund I, LP undertakes any obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in expectations. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

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

SOURCE Parkway Corporation