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| 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.
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| 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.
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| 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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