MVP REIT Inc., a publicly registered non-traded real estate investment trust that invests primarily in parking facilities, purchased a parking lot in Indianapolis, Indiana for approximately $1.67 million.
The 10,300-square-foot parking lot is located at 239 S. Meridian Street and has 39 parking spaces.
The facility is leased to Denison Parking Inc., an Indianapolis parking operator. Denison will pay annual rent of $95,000 and all regular occurring maintenance expenses associated with the parking garage, except property taxes.
In addition, the lease provides revenue participation with MVP receiving 60 percent of gross receipts over $155,000. The term of the lease is 10 years.
In other MVP news, The DI Wire reported earlier this month that MVP REIT II, the second program sponsored by the company, broke escrow.
MVP REIT Inc.’s portfolio is comprised of 15 properties totaling $79.2 million, based on purchase price. The REIT’s offering concluded in September 2015.