Parkway Corporation, a leading real estate investor and parking operator, is pleased to announce the acquisition of a surface parking lot in Atlanta, Georgia. Led by Dave Dobkin and Dan Dean, Parkway's investment team completed the off-market transaction as part of the company's continued expansion into high-growth urban markets. A Parkway affiliate completed the purchase.

"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," stated Dave Dobkin, Managing Director, Head of Acquisitions of Parkway Corporation. "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."

The 50,526-square-foot, 113-space surface parking lot is situated in the heart of Downtown Atlanta's Centennial Park District. The property is within walking distance of Mercedes-Benz Stadium, State Farm Arena, the Georgia World Congress Center, and the Georgia Aquarium, which collectively draw more than 12 million annual visitors. The District is adjacent to Centennial Yards, a $5 billion, 50-acre mixed-use development rising just blocks from the property.

"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," said Rob Zuritsky, President and CEO. "We believe the neighborhood's trajectory makes this one of the best-positioned urban sites in the Southeast."

Parkway has engaged The Car Park, led by Erik Ward and Jeff Wolfe, as its parking operations partner for the property.

The transaction expands Parkway's portfolio to 11 states and reinforces the company's national growth strategy. In addition to Atlanta, Parkway's holdings include assets in Charlotte, Raleigh, Orlando, Denver, Fort Worth, Kansas City, and Philadelphia.