MVP REIT Partnership Completes Acquisition of Six Parking Facilities in
Maryland, Missouri, Tennessee and Florida Locations
LAS VEGAS, Sept. 9, 2013 (GLOBE NEWSWIRE) -- MVP REIT Inc. announced today
that, together with its partners, it has completed the acquisition of the
final tranche in a $13.5 million portfolio consisting of five surface parking
lots and a single parking garage located in Maryland, Missouri, Tennessee and
Florida. The final tranche was comprised of two parking facilities in
Baltimore and St. Louis, acquired for $4.3 million on September 4, 2013.
The Baltimore property is a 6-story parking garage, located in the downtown
Central Business District. The 86,520-square-foot, automated facility is
situated beneath a 23-story office building, and is utilized by local area
businesses near the city's harbor. Additionally, the 240-parking space
facility is surrounded by a number of professional and financial offices, as
well as a number of nearby restaurants.
The St. Louis property is an approximately 1.22-acre surface parking lot,
located in the heart of the city center. The 55,153-square-foot lot has 179
parking spaces and is accessible by both eastbound and westbound traffic on
Spruce Street. Located on the western portion of the St. Louis Central
Business District, the property is a short distance from Scottrade Center,
Busch Stadium, City Hall, the headquarters of the Metropolitan Police
Department, and the St. Louis Public Library.
"These centrally-located properties are an ideal fit for the MVP REIT
portfolio, and are in keeping with our strategy to acquire income-producing
parking and storage facilities that may provide our investors with a potential
hedge against inflation," said Mike Shustek, president and CEO of MVP REIT.
MVP REIT, along with Vestin Realty Mortgage I Inc. ("VRMI") and Vestin Realty
Mortgage II Inc. ("VRMII"), formed two separate limited liability companies to
purchase the two parking facilities, which are each owned 44 percent by VRMI,
51 percent by VRMII and 5 percent by MVP REIT. Percentages were based on each
party's capital contributions.
In addition to the acquisition of St. Louis and Baltimore parking facilities,
the entire $13.5 million, six parking facility portfolio, included the
acquisition of a Fort Lauderdale parking lot in late July, the acquisition of
a parking lot in downtown Kansas City and two parking lots in downtown Memphis
in late August.
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
Press spacebar to pause and continue. Press esc to stop.