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| Scott Trade Center, St. Louis, MO |
Las Vegas, NV (Sept. 9, 2013) – MVP REIT Inc. announced
today that, together with its partners, it has completed the acquisition of the
final tranche in a $13.5 million portfolio consisting of five surface parking
lots and a single parking garage located in Maryland, Missouri, Tennessee and
Florida.
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| Mike Shustek |
The final tranche was comprised of two
parking facilities in Baltimore and St. Louis, acquired for $4.3 million on
September 4, 2013.
The Baltimore property is a 6-story parking garage, located
in the downtown Central Business District. The 86,520-square-foot, automated
facility is situated beneath a 23-story office building, and is utilized by
local area businesses near the city’s harbor.
Additionally, the 240-parking
space facility is surrounded by a number of professional and financial offices,
as well as a number of nearby restaurants.
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| Busch Stadium, St. Louis, MO |
The St. Louis property is an approximately 1.22-acre surface
parking lot, located in the heart of the city center. The 55,153-square-foot
lot has 179 parking spaces and is accessible by both eastbound and westbound
traffic on Spruce Street.
Located on the western portion of the St. Louis Central
Business District, the property is a short distance from Scottrade Center,
Busch Stadium, City Hall, the headquarters of the Metropolitan Police
Department, and the St. Louis Public Library.
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| St. Louis, MO City Hall |
“These centrally-located properties are an ideal fit for the
MVP REIT portfolio, and are in keeping with our strategy to acquire
income-producing parking and storage facilities that may provide our investors
with a potential hedge against inflation,” said Mike Shustek, president
and CEO of MVP REIT.
MVP REIT, along with Vestin Realty Mortgage I Inc. (“VRMI”)
and Vestin Realty Mortgage II Inc. (“VRMII”), formed two separate limited
liability companies to purchase the two parking facilities, which are each
owned 44 percent by VRMI, 51 percent by VRMII and 5 percent by MVP REIT.
Percentages were based on each party’s capital contributions.
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| St. Louis, MO Public Library |
In addition to the acquisition of St. Louis and Baltimore
parking facilities, the entire $13.5 million, six parking facility portfolio,
included the acquisition of a Fort Lauderdale parking lot in late July, the
acquisition of a parking lot in downtown Kansas City and two parking lots in
downtown Memphis in late August.
. For a complete
copy of the company’s news release, please contact:
Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703 – office
509.338.5676 – cell
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