JLL
Parkway Corporation, a real estate developer, investor, and operator based in Philadelphia, announced this week that it had acquired two parking lots in downtown Fort Worth.
The lots are contiguous and contain 110 spaces at 1011 Taylor Street and 1021 Taylor Street.
Terms of the deal were not disclosed. The lots were purchased from two sellers, according to a press release.
A Parkway affiliate, Parkway U.S. Land Carry Fund I, LP, completed the acquisitions. JLL Senior Managing Director Pat McDowell and Vice President Alex Hrapkiewicz represented all parties in the sale.
"We're thrilled that our first Texas acquisition is located in downtown Fort Worth," said David Dobkin, managing director and head of acquisitions at Parkway Corporation, in a statement. “We’re excited about this site’s potential and believe it will be an important contributor to Fort Worth’s dynamic future, especially given the rise of Texas A&M’s campus and the expansion of the convention center."
The lots are located in the southern quadrant of downtown, where a number of developments are underway, including the construction of Texas A&M-Fort Worth and the Fort Worth Convention Center renovation.
They are also in walking distance to Omni Hotel, the Eldon B. Mahon Federal Courthouse, Fritz G. Lanham Federal Building, Burnett Plaza, Texas Workforce Commission, and Fort Worth City Hall.
“The southeastern portion of downtown is quickly evolving with some of the most exciting projects in Fort Worth,” said Hrapkiewicz. “Parkway’s strategic acquisition into this part of the CBD is another great example of investors and developers seizing opportunities where the action is happening Downtown. We were pleased with the outcome of this transaction and are happy for all parties involved.”