LAS VEGAS, NV(June 18, 2013) – MVP
REIT Inc. announced today the acquisition of an approximately
22,000-square-foot office building in Las Vegas, Nev. for $6.5 million. The
acquisition of the property closed on June 14, 2013.
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| Mike Shustek |
Located at 8860 W. Sunset Road,
the two-story, single-tenant building was built in 2008 and is fully occupied
by a national short-term lender, which uses the property as its national
headquarters.
The property has approximately 10 years remaining on its triple
net lease, under which the tenant is responsible for the majority of the costs
associated with maintaining the building.
“The acquisition of this property
expands MVP REIT’s asset base and fits our acquisition criteria,” explained Mike
Shustek, chairman and chief executive officer of MVP REIT. “The property is
income-producing, enjoys a significant remaining lease term and is fully
occupied.”
MVP REIT financed the acquisition
through the assumption of $3,966,876 in existing debt and the transfer of
approximately 285,744 of MVP REIT shares to the seller at $8.865 per share.
For
a complete copy of the company’s news release, please contact:
Jill Swartz
Spotlight
Communications
(949) 427-5172 ext. 701
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