Friday, November 1, 2013

MVP REIT Acquires Las Vegas Multi-Tenant Office Building

  
8905 West Post Road, Las Vegas, NV


LAS VEGAS, NV– MVP REIT Inc. announced today the acquisition of an approximately 22,000-square-foot Class A office building located at 8905 W. Post Road for $6.1 million. The acquisition was the fifth of six buildings in the office park. The total cost of all six buildings is $55.1 million. The acquisition closed on Oct. 24.

Mike Shustek
A two-story office building, 8905 W. Post Road is 91.08 percent leased to a mix of professional tenants, all subject to a triple net lease, under which the tenant is responsible for the majority of the costs associated with maintaining the building. The building was constructed in 2008 as part of a planned 16-acre office park. 

“This transaction highlights our strategy to purchase well-located properties with attractive attributes, including high occupancy and triple net lease contracts that minimize our long-term costs,” said Mike Shustek, chairman and chief executive officer of MVP REIT. “We are pleased to add 8905 W. Post Road to our portfolio.”

MVP REIT financed the acquisition through the assumption of approximately $3.5 million in existing debt and the transfer of approximately 296,106 shares of the company’s common stock at $8.775 per share.


Thus far, the five acquired properties include both two- and three-story steel/concrete office buildings, all built within the past 10 years. 

Each multi-tenant building was acquired with at least 90 percent occupancy, and contains a mixture of professional tenants under triple net leases. 

The buildings are located directly off Interstate 215 in the southwest region of Las Vegas, Nev.






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

Jill Swartz
Spotlight Marketing Communications
(949) 427-5172, ext. 701

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