MVP REIT II Inc., a publicly registered non-traded real estate investment trust, has purchased a multi-level parking garage in Lubbock, Texas from Raiderpark LP for $11 million, plus acquisition and financing-related transaction costs, according to a filing with the Securities and Exchange Commission.
The property includes approximately 1,500 parking spaces, as well as 20,500 square feet of retail space. The parking garage will be operated by Isom Maintenance Company LLC, an affiliate of the seller, under long-term lease agreement. The purchase was funded from the company’s unsecured credit line with KeyBank and cash on hand.
In late September, shareholders of MVP REIT II and affiliated MVP REIT I voted and approved the merger of the two companies. The combined company will be renamed The Parking REIT Inc. and plans to list on a national securities exchange.
MVP REIT II closed its offering in December 2016 and has raised $62 million in investor equity. As of the third quarter 2017, the company owned interests in 15 properties with a total purchase price of approximately $147.9 million, according to Summit Investment Research.