 |
| Mike Shustek |
SAN DIEGO,
CA – MVP REIT, Inc. announced today that the REIT has recently completed the
acquisition of five parking facilities in four states for an aggregate purchase
price of $36 million.
The acquisitions are comprised of parking garages and
surface parking lots.
“Each of
these parking facilities enjoy superior locations in close proximity to popular
destinations, including retail stores, sporting arenas, hotels, office
buildings and tourist attractions,” said Mike
Shustek, chairman and chief executive officer of MVP REIT.
“Adding to their
attractiveness, each of these properties is leased on a long-term basis to
proven parking operators.”
Fort Worth, Texas
Among the
REIT’s five acquisitions is an eight-story parking garage in downtown Fort
Worth situated directly across from the 14-story Fritz G. Lanham Federal
Building.The facility has 1,000 striped spaces and is 100 percent leased to
SP+.
Houston, Texas
 |
| Fritz G. Lanham Federal Building Downtown Fort Worth, TX |
The REIT
also acquired a four-story parking garage in downtown Houston with 265 striped
spaces. The garage is 100 percent leased
to operator iPark Services.
St. Louis, Missouri
MVP REIT
acquired a surface parking lot in downtown St. Louis, striped with 221 spaces.
The lot is 100 percent leased to SP+.
Milwaukee, Wisconsin
The REIT
also acquired a surface parking lot located within a few blocks of the
Milwaukee River. The parking lot is striped with 54 spaces and is 100 percent
leased to SP+.
Denver, Colorado
MVP REIT
acquired a surface parking lot centrally located on the eastern edge of
downtown Denver. Striped with 28 spaces, the parking lot is 100 percent leased
to the City of Denver School District.
Three of the
parking lots acquired are operated by SP+, formerly known as Standard Parking.
The Standard Parking and Central Parking brands of SP+ operate approximately
4,200 parking facilities with more than 2.1 million parking spaces in hundreds
of cities across North America, including parking-related and shuttle bus
operations serving more than 75 airports.
MVP REIT’s
parking portfolio contains eight surface parking lots and three parking garages
with a total of 2,927 parking spaces. The REIT’s total property portfolio is
valued at approximately $60.7 million.
For a complete copy of the company’s
news release, please contact:Jill
Swartz
Julie Leber
Spotlight
Marketing Communications
949.427.5172,
ext. 701
949.427.5172,
ext. 703
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