Parkway Corporation Boosts Presence in Atlanta with New Parking Lot Acquisition

Parkway Corporation Expands National Presence in Atlanta

In a strategic effort to enhance its footprint across the United States, Parkway Corporation, a leading player in the real estate investment and parking sectors, has officially announced the acquisition of a valuable surface parking lot located in Atlanta, Georgia. Spearheaded by the experienced real estate investment team of Dave Dobkin and Dan Dean, this off-market deal marks a significant milestone for Parkway as it continues to broaden its expansion into dynamic urban markets.

Dave Dobkin, Managing Director and Head of Acquisitions at Parkway Corporation, expressed his enthusiasm about entering the vibrant Atlanta market. He noted, "We are excited to enter Atlanta with an asset that generates strong current cash flow in the center of one of the busiest sports and tourist districts in the country." This acquisition comes at a time when the city is witnessing immense growth, driven by events such as the World Cup and transformative projects like the ongoing development of Centennial Yards.

A Prime Location

The acquired property is a 50,526-square-foot parking lot that features 113 spaces situated in the bustling Downtown Atlanta's Centennial Park District. This critical location is ideally located within walking distance to popular attractions such as the Mercedes-Benz Stadium, State Farm Arena, Georgia World Congress Center, and the Georgia Aquarium—all major draws that collectively attract over 12 million visitors annually. The proximity to these significant venues enhances the site's potential for ongoing revenue generation.

Adjacent to this parking lot is the ambitious Centennial Yards project, a $5 billion, 50-acre mixed-use development aimed at revitalizing the area. Parkway Corporation sees this as an extraordinary opportunity for investment, capitalizing on the convergence of immediate demand and long-term development prospects. Rob Zuritsky, President and CEO of Parkway, noted, "This acquisition reflects everything we look for in a long-term hold combining an irreplaceable location with multiple demand generators and clear upside from eventual vertical development."

Strategic Operations Partnership

To optimize the management of this new asset, Parkway has partnered with The Car Park, under the leadership of Erik Ward and Jeff Wolfe, ensuring professional and efficient parking operations moving forward. This collaboration illustrates Parkway's commitment to maintaining high service standards across all its properties.

With this acquisition, Parkway Corporation expands its portfolio to include assets in 11 states, reinforcing its ongoing national growth strategy. Besides Atlanta, Parkway's other holdings span prominent markets, including Charlotte, Raleigh, Orlando, Denver, Fort Worth, Kansas City, and Philadelphia.

A Legacy of Excellence

Established over a century ago and headquartered in Philadelphia, Parkway Corporation has maintained its status as a leader in the real estate investment space, specializing in property management and parking operations. The company prides itself on its operational expertise, bolstered by innovative technology that ensures exceptional products and customer experiences.

Parkway actively seeks to acquire properties in both primary and secondary markets characterized by established or emerging paid-parking offerings, identifying areas with multiple parking demand generators and clear indicators of economic momentum and growth. Their investment strategy focuses on acquiring surface parking lots that offer current operational cash flows with potential for improved utilization over time.

For more details about Parkway Corporation and its portfolio, visit their official website at www.parkwaycorp.com or connect via social media platforms including Facebook, LinkedIn, and Instagram.

In conclusion, Parkway Corporation's latest acquisition not only marks a pivotal moment in its growth strategy but also presents a valuable opportunity to cater to the bustling Atlanta market, aligning with its vision of strategically strengthening its presence in high-growth urban areas.