SAN DIEGO, Sept. 15, 2015 (GLOBE NEWSWIRE) -- MVP REIT, Inc. announced today that the REIT recently entered into multiple purchase agreements to acquire six parking facilities for approximately $69.6 million in total. 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.
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. Based on current market conditions and other factors, MVP REIT will focus its investments predominantly on parking facilities located throughout the United States as its core assets.
Forward-looking statements
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 MVP believes 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. MVP does not 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.