LAS VEGAS, Aug. 29, 2013 (GLOBE NEWSWIRE) -- Vestin Realty Mortgage II Inc. (Nasdaq:VRTB) 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 II Inc.
The Company, along with Vestin Realty Mortgage I Inc. ("VRMI") and MVP REIT Inc. ("MVP"), formed three separate limited liability companies to purchase the parking facilities, which are each owned 51 percent by the Company, 44 percent by VRMI and 5 percent by MVP. 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 Vestin Realty Mortgage II, Inc.
Vestin Realty Mortgage II, 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 II, Inc. had assets of approximately $34.9 million. Vestin Realty Mortgage II, 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 Spotlight Communications (949) 427-5172 ext. 701 Jill@spotlightmarcom.comSource:Vestin Realty Mortgage II, Inc.