MVP REIT Partnership Completes Acquisition of Six Parking Facilities in Maryland, Missouri, Tennessee and Florida Locations

  

Scott Trade Center, St. Louis, MO

Las Vegas, NV (Sept. 9, 2013) – MVP REIT Inc. announced today that, together with its partners, it has completed the acquisition of the final tranche in a $13.5 million portfolio consisting of five surface parking lots and a single parking garage located in Maryland, Missouri, Tennessee and Florida.

Mike Shustek

The final tranche was comprised of two parking facilities in Baltimore and St. Louis, acquired for $4.3 million on September 4, 2013.

The Baltimore property is a 6-story parking garage, located in the downtown Central Business District. The 86,520-square-foot, automated facility is situated beneath a 23-story office building, and is utilized by local area businesses near the city’s harbor.

 Additionally, the 240-parking space facility is surrounded by a number of professional and financial offices, as well as a number of nearby restaurants.    

Busch Stadium, St. Louis, MO

The St. Louis property is an approximately 1.22-acre surface parking lot, located in the heart of the city center. The 55,153-square-foot lot has 179 parking spaces and is accessible by both eastbound and westbound traffic on Spruce Street. 

Located on the western portion of the St. Louis Central Business District, the property is a short distance from Scottrade Center, Busch Stadium, City Hall, the headquarters of the Metropolitan Police Department, and the St. Louis Public Library.

St. Louis, MO City Hall

“These centrally-located properties are an ideal fit for the MVP REIT portfolio, and are in keeping with our strategy to acquire income-producing parking and storage facilities that may provide our investors with a potential hedge against inflation,” said Mike Shustek, president and CEO of MVP REIT.

MVP REIT, along with Vestin Realty Mortgage I Inc. (“VRMI”) and Vestin Realty Mortgage II Inc. (“VRMII”), formed two separate limited liability companies to purchase the two parking facilities, which are each owned 44 percent by VRMI, 51 percent by VRMII and 5 percent by MVP REIT. Percentages were based on each party’s capital contributions.

St. Louis, MO Public Library

In addition to the acquisition of St. Louis and Baltimore parking facilities, the entire $13.5 million, six parking facility portfolio, included the acquisition of a Fort Lauderdale parking lot in late July, the acquisition of a parking lot in downtown Kansas City and two parking lots in downtown Memphis in late August.

.  For a complete copy of the company’s news release, please contact:

Julie Leber

Spotlight Marketing Communications                    

949.427.5172, ext. 703 – office                                   

509.338.5676 – cell                                                           

julie@spotlightmarcom.com