Parkway Corporation has acquired parking lots in both Raleigh, North Carolina and Orlando, Florida, enhancing its property portfolio in two rapidly growing urban markets. The transaction, completed by a Parkway affiliate, was facilitated by Foundry Commercial, which represented the seller and managed the marketing process in both locations.
In a statement, Parkway President and CEO Robert Zuritsky expressed enthusiasm for the acquisitions. “We’re excited to acquire properties in the downtowns of two of the fastest growing markets in the Southeast,” he said. He highlighted that Raleigh and Orlando exhibit strong economic momentum and population growth, making them strategic additions to Parkway’s expanding portfolio.
Details of the Acquisitions
The acquisition in Raleigh involves a 0.68-acre surface lot located at the intersection of Wilmington Street and Martin Street. This site is positioned in the heart of the city’s central business district, near Moore Square, Marbles Kids Museum, and the Raleigh Convention Center, which is currently undergoing significant expansion. This expansion includes a new 600-room Omni Hotel and the relocation of the Red Hat Amphitheater.
The Foundry Commercial team in Raleigh, including partners Sarah Godwin and Karl Hudson, IV, played a crucial role in marketing the properties to investors interested in long-term mixed-use potential. Mike Wilen from South Atlantic Sites represented Parkway in this transaction.
In Orlando, Parkway acquired a 2.13-acre surface lot located at South Rosalind Avenue and Pine Street. This property is conveniently situated one block from the iconic Lake Eola and adjacent to the Orange County Administration Building and various entertainment venues, including the Dr. Phillips Center for the Performing Arts.
The Orlando acquisition was led by Lawson Dann and J.C. Tacot from Foundry Commercial, whose expertise facilitated a smooth closing in coordination with both Parkway and the seller.
Strategic Implications and Future Outlook
Since 2021, Parkway has expanded its portfolio to include 19 parking lots across the United States. According to David Dobkin, Managing Director and Head of Acquisitions, this recent acquisition is part of a successful strategy that underscores Parkway’s ability to identify high-quality urban parking assets.
“In today’s challenging market environment, our strong balance sheet, operational expertise, and reputation for certainty of execution continue to position Parkway as a preferred buyer for institutional sellers seeking reliable transaction partners,” Zuritsky noted.
Sarah Godwin from Foundry Commercial emphasized the collaboration between the seller and Foundry, showcasing the firm’s integrated approach that combines brokerage and market knowledge to achieve optimal outcomes for institutional clients.
Parkway Corporation has a long-standing reputation as a full-service real estate developer, investor, and operator, having been an industry leader for over a century. The company focuses on acquiring surface parking lot facilities that have the potential for higher uses over a longer timeframe, particularly in markets with strong economic fundamentals.
For more information about Parkway Corporation, visit their website at www.parkwaycorp.com or connect through their social media channels.