PHILADELPHIA CREAM, September 1, 2022 /PRNewswire/ — Philadelphia-based Parkway Corporation, a leading parking lot operator and real estate investment and development company, today announced that it recently completed the formation of Parkway US Land Carry Fund I , LP. The fund was capitalized to acquire more than $100 million surface parking lots in United States.
For three generations, Parkway has relied on innovative management, advanced technology, customer service solutions, design, real estate acumen and joint venture-based collaboration to maximize the value of Parkway’s assets. parking. Today, Parkway’s portfolio consists of parking and mixed-use assets in the central business districts of United States and Canadaincluding more than 21,000 parking spaces spread over more than 80 structured and surface assets.
Robert ZuritskyCEO, said, “We are extremely pleased to have completed capitalization of the fund based on investments by ourselves and some of the most innovative people across all commercial real estate asset classes and asset classes. not real estate. done this at 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 targets acquisition opportunities in primary, secondary, and tertiary markets that exhibit mature or emerging paid parking characteristics, a multiplicity of parking demand drivers, and economic momentum and demonstrable business growth. This platform focuses on acquiring surface parking facilities that have current operating cash flows where higher or better utilization may be achievable over a longer time horizon.
David DobkinManaging Director and 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 several strategic operating partners across the country to help find opportunities and deliver unique insights into the markets and sub-markets that we believe sets our platform apart.”
According Daniel Deanoperating partner of the fund, “This is the first of many capital platforms that Parkway plans to use to diversify its footprint nationwide while providing investment opportunities for individual and institutional investors. As a hybrid platform that represents deep operations, real estate, technology, and capital markets capabilities under one roof is very unique, so the range of opportunities we see is very broad.
About Parkway Corporation
Parkway Corporation is a premier real estate developer, investor and parking operator. Founded and based in philadelphia cream, Parkway Corporation has been an industry leader for more than 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.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by the use of words and expressions such as “anticipate”, “believe”, “continue”, “could”, “anticipate”, “estimate”, “expect”, “have intends”, “could”, “plan”, “project”, “should”, “will” and other similar terms and expressions, 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 actual results to differ materially from those anticipated at the time the forward-looking statements are made. , but 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, compete successfully and complete acquisitions and loans; the performance of real estate assets and loans after their acquisition; and our ability to deliver value to stakeholders through the sale or disposition of our properties and other assets. Although Parkway Corporation and Parkway US Land Carry Fund I, LP believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, it cannot guarantee that expectations will be achieved or that any deviations will not be material. Actual results may differ materially from those contemplated by these forward-looking statements. Neither Parkway Corporation nor Parkway US Land Carry Fund I, LP undertakes to update the forward-looking statements contained herein to conform to actual results or to changes in expectations. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Contact: Sara McGovern, [email protected]610-914-5977
SOURCE Parkway Corporation