LAS VEGAS. MV – MVP REIT, Inc. announced it has completed
the final of six commercial office building acquisitions located within a Las
Vegas office park. The 22,000-square-foot office building was purchased for
$6.1 million and closed on Nov. 20. The six buildings were purchased in total
for $55.1 million.
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| Mike Shustek |
Built in 2008, the two-story building is located at 8945
W. Post Road, and is situated directly off Interstate 215, in close
proximity to McCarran International Airport and the Las Vegas Strip.
The property is 89 percent leased to a mix of professional
tenants, all subject to triple net leases under which the tenant is responsible
for the majority of the costs associated with maintaining the building.
“We are pleased to complete this final acquisition and add
six high-quality office buildings to our portfolio,” said Mike Shustek,
chairman and chief executive officer of MVP REIT.
“The addition of these properties adds greater
diversification to our growing portfolio with well-located, multi-story
commercial office buildings that enjoy a mix of tenants primarily under triple
net leases.”
MVP REIT financed the acquisition through the assumption of
approximately $3.2 million in existing debt and the transfer of approximately
323,024 shares of the company’s common stock at $8.775 per share of which
approximately 11,400 shares were held back until such time as certain
additional conditions are met.
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| Las Vegas Strip |
In total, the six acquired properties include both two- and
three-story steel/concrete office buildings, all constructed over the past 10
years as part of a planned 16-acre office park.
Each multi-tenant building was acquired with an occupancy
rate of at least 89 percent, and contains a mixture of professional tenants
under triple net leases.
The buildings are located directly off Interstate 215
in the southwest region of Las Vegas, Nev.
For a complete copy of the company’s news release, please
contact:
Jill Swartz
Spotlight Marketing Communications
(949) 427-5172, ext. 701
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