Tag Archives for: parking lots

The Parking REIT Sells Two Adjacent Surface Lots in Kansas City, Missouri for $4 Million

August 20, 2018

The Parking REIT Sells Two Adjacent Surface Lots in Kansas City, Missouri for $4 Million

Lots were originally purchased by MVP REIT, Inc. and The Parking REIT for a combined total of approximately $2.1 million

KANSAS CITY, Mo. (Aug. 20, 2018) –The Parking REIT, Inc. announced today its disposition of two surface parking lots in Kansas City, Missouri for a combined total of $4 million. The properties were originally purchased in August 2013 and October 2015 by MVP REIT, Inc. and MVP REIT II, Inc., respectively, for a combined total of $2.1 million. They were later acquired by The Parking REIT, Inc. for approximately $2.8 million based upon the allocation of the merger consideration for the merger of MVP REIT, Inc. and MVP REIT II, Inc. in December 2017.

“These properties were sold for approximately 94 percent higher value than their original purchase price, which provides value to the REIT and its investors,” said Mike Shustek, chief executive officer of The Parking REIT. “In addition to their location next to city hall in downtown Kansas City, the two lots benefited from their adjacency to one another, which we believe made them an attractive combined sale.”

Mr. Shustek added, “The sale further exemplifies The Parking REIT’s strategy to acquire income-producing parking facilities in well-located areas that are expected to increase in value over time through proper management and market demographics, and to ultimately sell each property at a time when it most benefits investors.”

The surface parking lots were sold to Block 66, LLC.

The sale included:

1130 Holmes St., a 1.18-acre surface lot striped with 164 spaces, and
1101 Cherry St., a 0.6-acre surface parking lot striped with 84 spaces.

In the last year, The Parking REIT has sold five properties consisting of 747 parking spaces situated on 4.63 acres of land, including one property sold prior to the merger of MVP REIT and MVP REIT II. The five properties sold for a total of $14.5 million, an approximately 65 percent increase in aggregate value from their original purchase price.

The Parking REIT’s portfolio currently consists of 42 parking facilities located in 17 states with a total of approximately 11,280 parking spaces.

About The Parking REIT, Inc.

The Parking REIT, Inc. (formerly known as MVP REIT II, Inc.) is a publicly registered, non-listed REIT that invests primarily in parking lots and garages in the United States. Its assets include 42 parking facilities located in 17 states. The Parking REIT is managed by MVP Realty Advisors, LLC. For more information, please visit TheParkingREIT.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will,” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: volatility in the debt or equity markets affecting our ability to acquire or sell real estate assets; national and local economic, business and real estate market conditions; the ability to maintain sufficient liquidity and our access to capital markets; our ability to identify, successfully compete for and complete acquisitions and loans; the performance of real estate assets and loans after they are acquired; and our ability to provide stockholder value through sales or otherwise dispositions of our properties and other assets. Although The Parking REIT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, they can give no assurance that the expectations will be attained or that any deviation will not be material. The Parking REIT does not undertake any obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in expectations. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

THE HANOVER COMPANY AND PARKWAY CORPORATION BREAK GROUND ON TRANSFORMATIVE MIXED-USE DEVELOPMENT ON NORTH BROAD STREET

December 18, 2015

“Hanover North Broad” will replace surface parking lots on two parcels and feature new residential and retail development

PHILADELPHIA (December 17, 2015) – The Hanover Company (“Hanover”) and Parkway Corporation (“Parkway”) announced today that they have broken ground on a transformative new “gateway” development on North Broad Street. Dubbed “Hanover North Broad,” the development will feature two new six-story apartment buildings housing 339 units across the street from one another, roughly 17,500 square feet of ground floor retail and approximately 330 public parking spaces. The project will replace two existing surface parking lots at Broad and Callowhill Streets owned by Parkway.

The buildings to be erected in the project, which will feature similar details and complementary architecture, will sit across the street from one another, one at the southwest corner of Broad and Callowhill Streets and one directly across the street at the southeast corner of Broad and Callowhill. The larger of the two buildings will sit on the lot at the southwest corner of Broad and Callowhill Streets and include 229 studio, one- and two-bedroom apartments, approximately 11,000 square feet of retail space, a public parking garage, and ample bicycle parking spaces; the smaller of the two buildings will sit on the southeast corner of Broad and Callowhill and include 110 studio, one- and two-bedroom apartments, approximately 6,000 square feet of retail space, a public parking garage, and ample bicycle parking spaces.

“We believe Hanover North Broad has the potential to be a transformative ‘gateway’ development that will invigorate the area around Callowhill Street,” said John Nash, President, The Hanover Company. “The project will fill a large gap in the urban streetscape, set a benchmark for sophisticated contemporary architecture, deliver a meaningful amount of ground-floor retail to the area, and bring hundreds of new residents to the area.”

The apartments in each of the six-story buildings will surround interior courtyards and offer resort-caliber amenities such as a private residence clubhouse with fitness center, screening room and business center. The individual units will have stainless steel appliances, stone countertops, wood-style flooring and expansive windows.

The street-level retail space in each building will have Broad Street frontage and will appeal to restaurants, gourmet grocers, coffee shops and other specialty retail. Two two-level modern parking garages (available to the public as well as residents and retail visitors) will reside behind the retail spaces.

“Broad Street is truly Philadelphia’s heart and soul, where the City comes to live, learn, work, create, shop, play and celebrate. With this key part of North Broad Street transformed, connecting the new energy near City Hall to the area around Spring Garden Street, the stage will be set for revitalization of treasures such as The Rail Park, The Met, the Divine Lorraine, and the Blue Horizon to the North,” said Robert Zuritsky, President, Parkway Corporation.

Serving as the retail broker for Hanover North Broad is Veronica Blum with MPN Realty in Philadelphia. Bank of America and Citizens Bank have provided financing.

Hanover’s Greater Philadelphia experience includes Domus, a 290-unit, mixed-use project in partnership with the University of Pennsylvania at 34th and Chestnut Streets in University City; and Hanover Valley Forge, a 338-unit residential project under construction at the Village at Valley Forge, Realen Properties mixed-use community in Upper Merion Township adjacent to the Mall at King of Prussia. Hanover North Broad presents a rare opportunity to create a synergistic partnership between Hanover, a national development company, and Parkway, a local three-generation Philadelphia firm.

About The Hanover Company
Founded in 1982, The Hanover Company, located in Houston, Texas, stands out among the most active private real estate companies in the United States, specializing in the acquisition, development, and management of high quality, multi-family residential and mixed use properties nationwide. With over three decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on high-density multifamily projects. To date, Hanover’s award-winning project mix totals nearly 48,000 units across the country and more than $9.5 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Chicago, Dallas, Denver, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco and Washington D.C. For more information, visit www.hanoverco.com.

About Parkway Corporation
Parkway Corporation is an 85 year-old Philadelphia-based family-owned parking and real estate development company that acquires, develops, and manages parking facilities and mixed-use properties. Parkway has been involved with over ten million square feet of real estate projects through development, acquisition and redevelopment. Those projects included office, retail, restaurants, parking, mid-rise residential (The Pearl condominiums – Chinatown), ultra-luxury residential condominiums (1706 Rittenhouse – Rittenhouse Square) and rental residential (American Lofts – Northern Liberties). In addition Parkway jointly developed and opened a Home2 Suites and a new medical tower for the Pennsylvania Hospital at 8th & Walnut Streets in 2013.For more information, visit www.parkwaycorp.com.

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