MVP REIT Forms Partnership to Acquire Portfolio of Six Parking Facilities,
Completes Acquisition in Fort Lauderdale
LAS VEGAS, July 31, 2013 (GLOBE NEWSWIRE) -- MVP REIT Inc. announced today it
has completed the first acquisition in a $13.5 million, six parking facility
The downtown Fort Lauderdale, Fla. property is an approximately 0.75-acre
parking lot acquired for $3.4 million. Located at 208 SE 6^th Street, the
32,750-square-foot site includes a 66-space car lot and 4,017-square-foot
office building directly across from the Broward County Courthouse.
"Parking facilities generate more than $20 billion in cash flow nationwide,
according to the International Parking Institute," said Mike Shustek, chairman
and CEO of MVP REIT. "Their relatively low cost of capital, minimal labor
expense and ability to respond quickly to inflation make them attractive
MVP REIT and Vestin Realty Mortgage II Inc. formed a limited liability company
to purchase the parking lot, which is owned 68 percent by Vestin and 32
percent by MVP REIT. Percentages were based on their capital contributions.
MVP REIT and Vestin have also formed limited liability companies to acquire
the additional five parking facilities. The ownership of those limited
liability companies will be based on the capital contributions of each of
Vestin and MVP REIT.
The remaining five properties in the portfolio are expected to be acquired on
or around September 10, 2013. The parking facilities are located in Baltimore,
Md.; St. Louis and Kansas City, Mo.; and two in Memphis, Tenn.They are
currently leased to operators under triple net leases.
About MVP REIT, Inc.
MVP REIT intends to operate as a publicly registered, non-traded hybrid real
estate investment trust. It is currently conducting a public offering of up to
55,555,556 shares of its common stock at $9.00 per share and up to an
additional 5,555,556 shares of its common stock for issuance under its
distribution reinvestment plan at $8.73 per share.
MVP REIT intends to use the proceeds from the offering to invest in a
diversified portfolio of income producing commercial real estate properties
and loans secured by income-producing commercial real estate as well as to pay
expenses and fees associated with the offering.
This press release contains forward-looking statements within the meaning of
federal securities laws and regulations. These forward-looking statements are
identified by their use of terms and phrases such as "anticipate", "believe",
"continue", "could", "estimate", "expect", "intend", "may", "plan", "project",
"should", "will", and other similar terms and phrases, including references to
assumptions and forecasts of future results. Forward-looking statements are
not guarantees of future performance and involve known and unknown risks,
uncertainties and other factors that may cause the actual results to differ
materially from those anticipated at the time the forward-looking statements
are made.These risks include, but are not limited to:volatility in the
debt or equity markets affecting our ability to acquire or sell real estate
assets; national and local economic, business and real estate market
conditions, including the likelihood of a prolonged economic slowdown or
recession; the ability to maintain sufficient liquidity and our access to
capital markets; our ability to identify, successfully compete for and
complete acquisitions and loans; and the performance of real estate assets and
loans after they are acquired. Although each of Vestin and MVP believe the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, they can give no assurance that the expectations will
be attained or that any deviation will not be material. Neither Vestin nor MVP
undertake any obligation to update any forward-looking statement contained
herein to conform the statement to actual results or changes in
expectations.This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities.
CONTACT: Jill Swartz
(949) 427-5172 ext. 701
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