Parkway Corporation, a real estate developer, investor, and operator, is pleased to announce the acquisition of parking lots inRaleigh, North Carolina and Orlando, Florida. A Parkway affiliate completed the acquisition. The transactions were facilitated by Foundry Commercial, which represented the seller and managed the marketing process across both markets.
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“We're excited to acquire properties in the downtowns of two of the fastest growing markets in the Southeast,” stated Robert Zuritsky, President and CEO of Parkway Corporation. “Both Raleigh and Orlando continue to demonstrate strong economic momentum and population growth, making them ideal additions to our expanding portfolio. These strategic locations position us well in key urban centers that are experiencing significant development and demand.”
The Foundry Commercial team, led by Partners Sarah Godwin and Karl Hudson, IV, in Raleigh, and Senior Vice President Lawson Dann in Orlando and J.C. Tacot, Vice President in Tampa, collaborated closely to execute the sale.
“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,” addedZuritsky.
“Parkway's interest in both markets led to their combined offer to purchase both lots, creating significant efficiencies for the seller,” stated Godwin. “Their dual expertise as a leading parking operator and a real estate developer with longer time horizons uniquely positioned them to execute this transaction.”
Raleigh, North Carolina
Parkway acquired a .68-acre surface lot located on the corner of Wilmington Street and Martin Street in Downtown Raleigh. The property is situated in the heart of the city's central business district and is in close proximity to Moore Square, Marbles Kids Museum, City Market, and numerous office buildings, restaurants, and bars. It is also close to the Raleigh Convention Center, which is currently undergoing a major expansion that includes the relocation of Red Hat Amphitheater and the construction of a 600-room Omni Hotel. Foundry's Raleigh-based land advisory team, led by Godwin and Hudson, strategically marketed the properties to investors seeking long-term mixed-use potential, generating significant buyer interest and competitive offers. Mike Wilen with South Atlantic Sites represented Parkway in the Raleigh transaction.
Orlando, Florida
Parkway also acquired a 2.13-acre surface lot located at South Rosalind Avenue and Pine Street in Downtown Orlando. The property is ideally positioned one block from Lake Eola, the iconic landmark of Downtown Orlando, and is directly adjacent to the Orange County Administration Building, Capital Plaza, and the Embassy Suites Downtown Orlando. The site is in close proximity to the Dr. Phillips Center for the Performing Arts, Walt Disney Amphitheater, and numerous restaurants, bars, and entertainment venues. The Orlando transaction was led by Foundry Commercial's Lawson Dann and J.C. Tacot, whose team leveraged Foundry's local market insight and cross-market relationships to achieve a seamless closing in coordination with Parkway and the seller.
“With this acquisition, Parkway has invested in 19 parking lots across the country since 2021,” said David Dobkin, Managing Director and Head of Acquisitions. “This transaction builds upon the successful acquisition strategy established by our Parkway U.S. Land Carry Fund I and demonstrates our continued ability to identify high-quality urban parking assets in markets with strong fundamentals and growth potential.”
According to Foundry Commercial's Sarah Godwin, the partnership between the seller and Foundry exemplifies the firm's integrated platform approach, combining brokerage, capital markets expertise, and deep regional market knowledge to deliver exceptional outcomes for institutional clients.
About Parkway
Parkway is a full-service real estate developer, investor, and operator with deep expertise in property and parking management. 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.
Parkway makes 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.
More information about the company is available atwww.parkwaycorp.comor connect with us onFacebook,LinkedIn, andInstagram.
About Foundry Commercial
Foundry Commercial is a full-service commercial real estate services and investment company operating across office, industrial, retail, multi-family, healthcare, religious, and not-for-profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by more than 4,000 associates operating from 12 markets, providing leasing and management on more than 77 million square feet and over 4,590 seniors housing units, typically executing over $2 billion in leasing, tenant rep, and investment sale transactions annually. Foundry's development and investment platform is fully integrated with its services business and is currently invested in over $4.8 billion in joint ventures with many of the best-known institutional investors in the country. For more information, visit www.foundrycommercial.com.
Parkway Contact:Sara McGovern, Slice Communicationssmcgovern@slicecommunications.com 610-914-5977
Foundry Commercial Contact:Sarah Godwinsarah.godwin@foundrycommercial.com919-309-5819
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SOURCE Parkway Corporation
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