Wednesday, September 4, 2013

MVP REIT Acquires Multi-Tenant Las Vegas Office Building for $15 Million

   
Corporate Center, 8880 West Sunset Road, Las Vegas, NV

LAS VEGAS, NV (Sept. 4, 2013) – MVP REIT Inc. announced today the acquisition of an approximately 47,500 square-foot multi-tenant office building in Las Vegas for $15 million. The acquisition is part of a five-property, $48.6 million portfolio being acquired by MVP REIT. The acquisition closed on Aug. 30, 2013.

Mike Shustek
Located at 8880 W. Sunset Road on 3.18 acres of land, the three-story building is 100 percent occupied by a mix of medical and professional tenants, including the corporate headquarters for MVP REIT, which occupies 4,190 square feet.

All tenant contracts are under triple net leases, under which tenants pay for the majority of building expenses in addition to rent. The property is situated directly off Interstate 215, in close proximity to McCarran International Airport and the Las Vegas Strip.

“When evaluating an office building, we look for properties with strong characteristics like 8880 W. Sunset Road, which is fully leased to multiple tenants on longer-term, triple net leases,” said Mike Shustek, chairman and chief executive officer of MVP REIT.

Las Vegas strip skyline
“Additionally, the building is well located, with direct access to an interstate highway and a short distance from one of the busiest international airports in the world.”

MVP REIT financed the acquisition through the assumption of approximately $10.2 million in existing debt and the transfer of approximately 547,368 shares of the company’s common stock at $8.775 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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