Parkway Corporation has acquired a 50,526-square-foot surface parking property in Downtown Atlanta, marking the real estate investor and parking operator’s entry into the Atlanta market.
The off-market transaction was completed by a Parkway affiliate. Financial terms were not disclosed.
The property contains 113 parking spaces in Atlanta’s Centennial Park District and is within walking distance of Mercedes-Benz Stadium, State Farm Arena, the Georgia World Congress Center and the Georgia Aquarium.
Those destinations collectively attract more than 12 million visitors annually.
The property is also located near Centennial Yards, a $5 billion, 50-acre mixed-use development, providing Parkway with potential long-term redevelopment opportunities.
Parkway has selected The Car Park as parking operations partner for the site.
The acquisition expands Parkway’s portfolio to 11 states, with existing holdings in markets including Charlotte, Raleigh, Orlando, Denver, Fort Worth, Kansas City and Philadelphia.
KEY QUOTES:
“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. Building on the momentum of the World Cup and the large-scale transformation underway at Centennial Yards, we see a rare convergence of near-term demand and long-term development potential.”
Dave Dobkin, Managing Director and Head of Acquisitions at Parkway Corporation
“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. We believe the neighborhood’s trajectory makes this one of the best-positioned urban sites in the Southeast.”
Rob Zuritsky, President and CEO of Parkway Corporation
