MVP REIT Buys Milwaukee Parking Lot for $3.9 Million

MVP REIT Inc., a publicly registered non-traded real estate investment trust, closed on the purchase of a 75-space parking lot in Milwaukee, Wisconsin for approximately $3.9 million in cash.

The 38,600-square-foot parking lot is located at 1124 N. Old World Third Street.

SP Plus Corporation, a national parking operator, will lease the property.

SP Plus will pay a first year annual lease payment of $200,000 with annual increases and will pay all regular occurring maintenance expenses associated with the parking garage other than property taxes. In addition, the lease provides revenue participation with MVP receiving 70 percent of gross receipts over $325,000. The term of the lease is five years.

MVP REIT invests in a portfolio of parking facilities located throughout the United States. The REIT’s offering concluded in September 2015.

For more MVP REIT related news, visit their Directory Page here.