The PennZone

PHILADELPHIA, Aug. 11, 2025 ~ Philadelphia-based real estate developer and parking operator, Parkway Corporation, has announced the successful completion of its inaugural fund, Parkway U.S. Land Carry Fund I, LP (the Fund). Launched in 2021, the Fund has made a total of 14 investments in 17 surface parking lots across the nation. Most recently, the Fund completed transactions in Charlotte, Houston, and Philadelphia.

The portfolio of the Fund consists of 497,108 square feet (11.4 acres) of urban infill land in 10 states and a total of 1,449 surface parking spaces. The Fund's strategy was to target acquisition opportunities in primary, secondary, and tertiary markets with established or emerging paid-parking characteristics. They also looked for areas with multiple parking demand generators and a strong economic outlook.

Robert Zuritsky, CEO of Parkway and Managing General Partner of the Fund expressed his satisfaction with the completion of the allocation of capital and acquisition of a unique portfolio during a transformative period. He credited their disciplined approach for allowing them to execute successfully in a challenging environment by securing well-located properties that offer both stable cash flow and significant upside potential.

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The Fund's Operating Partner, Daniel Dean added that when they launched the fund, disruptions caused by COVID-19 presented an opportunity for value investing. However, government support and low-interest rates delayed expected distress in the market. Despite this setback, their patience and disciplined approach allowed them to remain highly selective investors during periods of inexpensive capital. As conditions stabilize and the development cycle returns, they are confident in delivering strong risk-adjusted returns.

With capital markets tightening and seller liquidity pressures rising, Dean stated that they are now seeing the deal flow they had anticipated from the beginning. This further solidifies their position as versatile investors with a broad reach who can remain selective even during challenging times.

Parkway Corporation's successful completion of its inaugural fund is a testament to their expertise as real estate developers and parking operators. With a well-diversified portfolio and a disciplined approach, they are well-positioned to continue delivering strong returns for their investors.

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