LAS VEGAS, Aug. 29, 2013 (GLOBE NEWSWIRE) -- MVP REIT Inc. 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 MVP REIT.
MVP REIT, along with Vestin Realty Mortgage I Inc. ("VRMI") and Vestin Realty Mortgage II Inc. ("VRMII"), formed three separate limited liability companies to purchase the 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.
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 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 Spotlight Communications (949) 427-5172 ext. 701 Jill@spotlightmarcom.comSource:MVP REIT, Inc.