Looking at Southeast REPE and ran into Parkway properties in my search. Surprised I've never heard of them as they look legit. They have a sizeable AUM and portfolio (4.3B+? / 21million SF?). Can't find any information about them other than when they were a REIT. Seems like they have a huge portfolio of office and industrial. Any one heard of these guys or have any impressions? Found their website (pky dot com)
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The current form of parkway is just the Houston assets of the old reit. The reit was bought by cousins, then dissolved but they spun off the Houston properties as parkway inc.
Got it. Thank you. Looks like they own non houston assets in Atlanta, Miami, Pittsburgh, Virginia, Tampa. Seems they are doing industrial now too?? Have you run into them?
Sorry, misread your post.
There are two separate companies, Parkway Properties, and Parkway Inc.
Parkway used to be a reit, got bought by cousins, cousins spun off the Houston assets as Parkway Inc.
The old management of the original reit bought the management company from cousins (but cousins kept all the assets), and then started building a new portfolio of assets under Parkway Properties.
These names are of different entities over time, merged/re-merged, etc. The mngt team, Hiestand and co, were always the same and are still the same for all iterations of Parkway (or well once it merged with Hiestand's predecessor firm, Eola Capital).
I know their history very well, they are growing significantly under the leadership of Jim Heistand who has engineered the various mergers and deals that are in their history. They are adding people and assets rapidly, mostly Florida I think, but other Sunbelt cities as well.
In short, I think very highly of them. Great team (know several personally), and Jim Heistand's story and deal history is really cool. I'd watch them for sure, I'd expect they will return to scale before too long.
Thank you guys for the information and history redever allongo . Seems like they’re a major, strong firm in the region. Will keep an eye out for them!
Worked with a few of those guys briefly. They were all solid, very smart and knew their assets really well but easy to work with.
I know it's not a lot to go off of, but that's my $0.02.
Parkway Inc (the Houston focused REIT that was spun out after the Cousins/Parkway Properties merger) was taken private by CPPIB a couple of years ago. CPP bought into the Houston story and first purchased a part of Greenway Plaza and then decided to take the whole REIT private about a year later. Parkway Inc only has about 5 assets total, all in Houston.
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