Parkway Corporation, a Philadelphia-based real estate investor and parking operator, has acquired a surface parking lot and two fully leased commercial buildings in downtown New Hope, Pennsylvania, expanding its portfolio of parking-focused real estate investments.
The property is located at the intersection of Main and Bridge Streets, a central commercial area serving residents, tourists and businesses in the Bucks County destination.
The acquisition is part of Parkway’s strategy to invest in properties with established parking demand, limited competing supply and potential for long-term real estate appreciation.
Financial terms of the transaction were not disclosed.
Dave Dobkin, Managing Director and Head of Acquisitions, and Dan Dean of Parkway’s investment team completed the transaction. Adam Gillespie of Avison Young represented both the buyer and seller.
“Main and Bridge is the heart and center of New Hope, and parking there is in constant demand from visitors and residents alike,” Dobkin said.
“We plan to bring the same professional management we provide across our portfolio to New Hope, and we look forward to making parking as effortless as possible for everyone who comes to visit, shop and dine in town.”
The property is situated near several of New Hope’s prominent visitor destinations, including the Bucks County Playhouse, Ferry Market and New Hope & Ivyland Railroad.
It is also located near the New Hope-Lambertville Bridge, providing access between New Hope and Lambertville, New Jersey, across the Delaware River.
The location serves a combination of local parking needs and visitor demand generated by restaurants, retail businesses, entertainment venues and cultural attractions.
In addition to the surface parking facility, the acquisition includes two fully leased retail and commercial buildings, providing an additional source of rental income.
Parkway plans to work with Metropolis Technologies as a strategic partner to manage parking operations at the property.
“This is exactly the type of asset we seek: a central, irreplaceable location in a severely supply constrained market, with demand from visitors and residents every day of the week,” said Robert Zuritsky, President and CEO of Parkway Corporation.
“The New Hope acquisition continues our history of purchasing fantastic locations that are well positioned for value appreciation. We are delighted to be working with Metropolis Technologies as a strategic partner to manage the parking.”
The acquisition adds to Parkway’s national investment strategy, which focuses on surface parking properties in markets with consistent demand and favorable long-term real estate fundamentals.
Since launching its national covered land play acquisition platform in 2021, Parkway affiliates have invested in more than 20 surface parking lots.
The strategy involves acquiring income-producing parking properties while retaining the potential to pursue higher-value uses of the underlying land over a longer investment horizon.
Parkway targets primary, secondary and tertiary markets where paid parking demand is supported by multiple economic drivers, including commercial activity, tourism and business growth.
Its existing portfolio includes properties in Atlanta, Charlotte, Raleigh, Orlando, Denver, Fort Worth, Kansas City and Chattanooga.
The New Hope transaction extends that strategy into a tourism-oriented Pennsylvania market where the company sees an opportunity to generate parking revenue while holding centrally located commercial real estate.
Founded more than 100 years ago and headquartered in Philadelphia, Parkway Corporation invests in and operates real estate assets with a particular focus on parking facilities and property management.
The company combines parking operations with long-term property investment, seeking locations where existing cash flow can support ownership while future market conditions may create opportunities for additional value.
The New Hope acquisition further diversifies Parkway’s portfolio geographically and adds a mixed-use commercial property in a market characterized by visitor activity and constrained downtown parking availability.