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| Mike Shustek |
San Diego, CA (Dec. 11, 2014) – MVP REIT, Inc. announced
today that the company acquired a 70.01 percent tenant-in-common interest in Tower
Place Parking Garage, a seven-story, 775-space parking garage located in
downtown Cincinnati.
The parking garage was purchased for an aggregate of $15
million and closed on December 9.
Located at 400 Race St., the parking garage is connected to
a 13-story, 520,000-square-foot mixed-use development encompassing a Hyatt
Regency Hotel and retail stores.
The garage is a short walk from Paul Brown
Stadium, home of the National Football League’s Cincinnati Bengals, and Great
American Ball Park, home of Major League Baseball’s Cincinnati Reds.
MVP REIT acquired the garage with a recently signed 10-year
lease in place with SP+, formerly known as Standard Parking.
The Standard
Parking and Central Parking brands of SP+ operate approximately 4,200 parking
facilities with more than 2.1 million parking spaces in hundreds of cities
across North America, including parking-related and shuttle bus operations
serving more than 75 airports.
“This garage benefits from its premium location in a
well-visited area near major attractions, as well as its long-term net lease to
a quality operator,” said Mike Shustek, chairman and chief executive
officer of MVP REIT.
The acquisition was financed through a 4.25 percent
fixed-rate, 10-year loan of $9 million.
For a complete copy
of the company’s news release, please contact:
Julie Leber
Account Manager
Spotlight Marketing Communications
18101 Von Karman Avenue, Suite 330
Irvine CA 92612
949-427-5172, ext. 703
509-338-5676 - cell
julie@spotlightmarcom.com
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