Friday, October 2, 2015

MVP REIT Enters into Agreements to Purchase Six Parking Facilities for Approximately $69.6 Million



Chicago skyline
SAN DIEGO, CA – MVP REIT, Inc. announced the REIT recently entered into multiple purchase agreements to acquire six parking facilities for approximately $69.6 million in total. 

The agreements include the purchase of two parking garages and four parking lots located in Chicago, Indianapolis, Milwaukee and Minneapolis.

 Chicago

The REIT entered into a purchase agreement to acquire a 317-space parking garage in downtown Chicago. The parking garage also contains approximately 63,000 square feet of retail space.

Indianapolis

MVP REIT also anticipates to acquire two parking facilities in downtown Indianapolis. These include an approximately 52,650-square-foot parking garage with 370 spaces, and an approximately 46,403-square-foot surface parking lot with roughly 149 parking spaces.


Downtown Milwaukee
Milwaukee

The REIT has entered into a purchase agreement for a 48,500-square-foot parking lot with approximately 75 parking spaces.

Minneapolis

MVP REIT is expected to acquire two parking lots in in west downtown Minneapolis, including a 90,658-square-foot surface lot with approximately 270 parking spaces. The REIT also entered into an agreement to purchase a 107,953-square-foot surface lot with approximately 185 parking spaces.

MVP REIT’s parking portfolio currently contains 11 surface parking lots and three parking garages with a total of 3,253 parking spaces. The REIT’s total parking portfolio is valued at approximately $70.9 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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