Parkway Corporation Expands National Presence with Acquisitions in Kansas City, Charlotte, and Fort Worth

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Aug 01, 2024, 12:56 ET

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 paid‐parking 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
[email protected]
610-914-5977

SOURCE Parkway Corporation