Parkway Announces Appointment of New Managing Director of Development and Expansion of Commercial Real Estate Platform

ORLANDO, Fla., March 2, 2020 /PRNewswire/ -- Parkway Property Investments, LLC ("Parkway"), a leading owner and operator of commercial real estate assets with more than $3.2 billion in assets under management ("AUM"), today announced the appointment of Whit Duncan as its new Managing Director of Development. With over three decades of experience in the real estate industry, Duncan brings a wealth of experience in development of office and industrial buildings as well as the acquisition, lease-up, management and disposition of commercial real estate assets.

Prior to joining Parkway, Duncan was a principal of Bishop Beale Duncan ("BBD"), a full service commercial real estate firm based in Orlando, Florida. Duncan will maintain an ownership interest in BBD, and Parkway has engaged BBD to serve as the leasing broker for its forthcoming 80,000 square foot office building development in Winter Garden, Florida. Prior to his tenure at BBD, he served as president of the commercial business unit at Crescent Communities ("Crescent"). While at Crescent, Duncan managed Crescent's office, industrial, and retail assets and developed 28 office buildings totaling six million square feet and three industrial buildings totaling 900,000 square feet.

"We are excited to welcome Whit to the Parkway team. His strong development experience and expertise, as well as track record in the real estate industry, will be instrumental to supporting Parkway's existing and future development projects, including overseeing our first industrial development project in Lakeland, Florida," said Parkway Chief Executive Officer, James R. Heistand. "We are focused on broadening and strengthening the capabilities of our team as we continue to expand our real estate platform."

On December 17, 2019, Parkway and joint venture partner, Silverpeak Real Estate Partners, acquired 730 acres of prime land in Lakeland, Florida with plans to develop an industrial park totaling approximately five million square feet. The Lakeland development site is strategically located along the I-4 corridor in Central Florida which serves as a critical transportation hub between the Orlando and Tampa markets; more than 20 million people live within 200 miles of the site. Parkway expects to commence development in the second quarter of 2020.

"The launch of this industrial development accelerates Parkway's strategy of acquiring and developing assets that present substantial upside potential," added Heistand. "The combination of a long-standing track record of value creation, in-house management capabilities, as well as trusted institutional capital partners allows us to leverage our platform and management expertise to identify unique investment opportunities across a variety of asset types throughout our core markets."

About Parkway
Parkway is a privately owned, full service real estate investment firm with more than $3.2 billion in AUM. 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 real estate assets throughout the Sunbelt region, as well as identifies and structures acquisitions and provides property and asset management, leasing, accounting, and construction management services. Parkway currently operates and/or provides accounting services for approximately 21.7 million square feet of commercial real estate assets located in California, Texas, Georgia, Florida, North Carolina, Virginia, and Pennsylvania.

SOURCE Parkway Property Investments, LLC