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| 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.
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| 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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