Vestin Realty Mortgage I Forms Partnership to Acquire Three Parking Facilities
in a $13.5 Million, Six Parking Facility Portfolio
LAS VEGAS, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Vestin Realty Mortgage I Inc.
(Nasdaq:VRTA) announced today it has acquired three independently located
parking facilities as part of its previously announced agreement to purchase
six parking facilities for $13.5 million. The $5.8 million all-cash
acquisition closed on August 28, 2013.
Two of the three parking facilities are located in downtown Memphis, Tenn. The
Court Avenue lot is on approximately one half-acre of paved land with 37
parking spaces and is surrounded by a number of businesses, including Autozone
Park. The Poplar Avenue lot lies on approximately an acre of land with 125
parking spaces. The site is within a short distance to the Shelby County
Justice Center, Memphis City Hall and the County Election Commission.
The third parking facility, located on Holmes Street in downtown Kansas City,
MO, is on approximately 1.10 acres of land and striped for 300 parking spaces.
The property is located near Kansas City's City Hall, Kansas City Municipal
Court and a number of other local government facilities.
"We are excited to announce the addition of three parking facilities, all of
which are independently situated in downtown metropolitan locations,"
explained Mike Shustek, chairman and chief executive officer of Vestin Realty
Mortgage I Inc.
The Company, along with Vestin Realty Mortgage II Inc. ("VRMII") and MVP REIT,
Inc. ("MVP"), formed three separate limited liability companies to purchase
the parking facilities, which are each owned 44 percent by the Company, 51
percent by VRMII and 5 percent by MVP. Percentages were based on each party's
The two remaining parking facilities in the portfolio are expected to be
acquired on or around September 4, 2013. The parking facilities are located in
Baltimore, MD and St. Louis, MO.
About Vestin Realty Mortgage I, Inc.
Vestin Realty Mortgage I, Inc. is a publicly traded company that invests in
commercial real estate loans and commercial real estate. As of June 30, 2013,
Vestin Realty Mortgage I, Inc. had assets of approximately $21.4 million.
Vestin Realty Mortgage I, Inc. is managed by Vestin Mortgage, LLC., a
significant majority of which is owned by Michael Shustek. Since 1995, Vestin
Mortgage has facilitated more than $2.0 billion in lending transactions.
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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