SAN DIEGO—MVP REIT, Inc. recently entered into multiple purchase agreements to acquire six parking facilities for nearly $70 million. The agreements include the purchase of two parking garages and four parking lots located in Chicago, Indianapolis, Milwaukee and Minneapolis.
MVP REIT has entered into agreements to purchase the following parking facilities:
Chicago
The REIT entered into a purchase agreement to acquire a 317-space parking
garage in downtown Chicago. The parking garage also contains approximately
63,000 square feet of retail space.
Indianapolis
MVP REIT also anticipates to acquire two parking facilities in downtown
Indianapolis. These include an approximately 52,650-square-foot parking
garage with 370 spaces, and an approximately 46,403-square-foot surface
parking lot with roughly 149 parking spaces.
Milwaukee
The REIT has entered into a purchase agreement for a 48,500-square-foot
parking lot with approximately 75 parking spaces.
Minneapolis
MVP REIT is expected to acquire two parking lots in in west downtown
Minneapolis, including a 90,658-square-foot surface lot with approximately
270 parking spaces. The REIT also entered into an agreement to purchase a
107,953-square-foot surface lot with approximately 185 parking spaces.
MVP REIT's parking portfolio currently contains 11 surface parking lots and three parking garages with a total of 3,253 parking spaces. The REIT's total parking portfolio is valued at approximately $70.9 million. MVP 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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
