Hertz Investment Group, headquartered in Santa Monica, Calif., has completed the acquisition of 14 commercial buildings from Parkway Properties of Orlando, Fla. The 14 properties – which include 13 commercial office buildings and one parking structure – total 1.7 million square feet and are located in Jackson, Miss.; Memphis, Tenn.; and Richmond, Va.
Hertz Investment Group also expects to close on the purchase of two additional assets from Parkway Properties by the end of April. The completion of all the transactions will raise the square footage of the properties owned and managed by the Hertz Investment Group to more than 12 million square feet and will expand the company's geographic presence from 11 U.S. cities in eight states to 13 cities in 10 states.
‘We have succeeded in commercial real estate by making strategic acquisitions at the right time in the market, aggressively marketing our properties to top-tier tenants and then maintaining the very highest standards of quality in every area of operation,’ says Judah Hertz, CEO of Hertz Investment Group (pictured left). ‘The premier buildings we have now acquired from Parkway Properties more than meet all these criteria. They are best-in-class structures at the core of very vital regional business centers across the South and represent an important expansion of our commercial real estate footprint in the U.S.’