ORLANDO, Fla., — Parkway Property Investments, LLC (“Parkway”) announced today the recent completion of three strategic property acquisitions totaling approximately $436 million across the Sunbelt and the hiring and promotion of several management team members.
James Heistand, President and CEO of Parkway, said: “These new acquisitions provide Parkway and its partners access to high-quality, well located assets with strong in-place cash flow and substantial embedded upside via mark-to-market of expiring leases and other value enhancement initiatives. We’re very pleased with the growth of our portfolio and team this year and look forward to continuing our successful track record of disciplined investment.”
Year-to-date 2018, Parkway has now completed over 1.2 million square feet of new property acquisitions with a gross value of more than $436 million across the Sunbelt.
Maitland, Florida – On September 5, 2018, Parkway and a joint venture partner acquired Maitland Concourse, a 133,000 square foot Class-A office property in Maitland, Florida, which is located in the Orlando, Floridametropolitan statistical area.
Raleigh, North Carolina – On June 16, 2018, Parkway and a joint venture partner acquired Venture Place and Alliance Center, a 620,000 SF Class-A office portfolio located on NC State University’s Centennial Campus in Raleigh, North Carolina.
Miami, Florida – On June 14, 2018, Parkway and a joint venture partner acquired 1111 Brickell Avenue, a 522,000 square foot trophy Class-A office tower in the Brickell submarket of Miami, Florida.
New Management Team Hires & Personnel Changes
Parkway is pleased to announce the hiring and promotion of the following:
Kate Urey, Managing Director, Georgia and Carolinas – Kate joins Parkway from Stream Realty (“Stream”), where she was a Senior Vice President. Prior to her time at Stream, Kate spent 11 years with Parkway Properties, Inc. (“PKY”) as Vice President and Regional Property Manager where she was actively involved in the growth of PKY’s approximately 2.4 million rentable square foot Atlanta portfolio. Kate brings to Parkway extensive experience in the leasing, operations, and asset management of office properties across the Southeast and is based in Parkway’s Atlanta office.
Shipley Hall, Managing Director, Florida – Shipley joins Parkway from Cousins Properties Incorporated (“Cousins”), where he was a Senior Vice President responsible for the Miami and Orlando, Florida portfolios. Prior to PKY’s 2016 merger with Cousins, Shipley was a Managing Director at PKY, oversaw PKY’s portfolios in Orlando and Miami, Florida, and was instrumental in the successful joint-venture recapitalization of Courvoisier Center in Miami, Florida. Shipley brings with him over 16 years of institutional leasing and asset management experience with more than $3 billion of leases executed and a deep knowledge of the Florida commercial office markets.
Colin Rosenbaum, Managing Director – Colin has spent nearly six years with Parkway as Vice President of Investments. In this role he has made significant contributions to Parkway’s acquisition and disposition activities and overall investment strategy and has directly supported the successful execution of over $9 billion of real estate capital markets activity. In his new role, Colin will support Parkway’s ongoing investment strategies, asset management and investor relations activity.
Parkway is a privately owned, full service real estate investment firm led by a team with a strong track record of investing in high-growth markets across the U.S. and across economic cycles. Parkway owns, operates, and manages institutional quality commercial office assets throughout the Sunbelt region. In addition, Parkway identifies and structures acquisitions and provides best-in-class property and asset management, leasing, accounting and construction management services. Parkway currently operates approximately 12.6 million square feet of high-quality office properties located in attractive submarkets in Sacramento, California, Houston, Texas, Miami, Orlando, and Jacksonville, Florida and Raleigh, North Carolina.