MVP REIT Inc., a publicly registered, non-traded hybrid real estate investment trust, announced today that the REIT has recently completed the acquisition of five parking facilities, mainly parking garages and surface parking lots, in four states for an aggregate purchase price of $36 million.
“Each of these parking facilities enjoy superior locations in close proximity to popular destinations, including retail stores, sporting arenas, hotels, office buildings and tourist attractions,” said Mike Shustek, chairman and chief executive officer of MVP REIT. “Adding to their attractiveness, each of these properties is leased on a long-term basis to proven parking operators.”
Fort Worth, Texas
Among the REIT’s five acquisitions is an eight-story parking garage in downtown Fort Worth situated directly across from the 14-story Fritz G. Lanham Federal Building, which houses local federal offices of the Social Security Administration, Internal Revenue Service, National Weather Service and National Labor Relations Board. The facility is striped with 1,013 spaces and is 100 percent leased to SP+.
The REIT also acquired a four-story parking garage in downtown Houston with 265 striped spaces. Situated approximately six blocks from Minute Maid Park, home of the Major League Baseball’s Houston Astros, the garage is near a variety of hotels, retail outlets and restaurants. The garage is 100 percent leased to operator iPark Services.
St. Louis, Missouri
MVP REIT acquired a surface parking lot in downtown St. Louis, striped with 221 spaces. The parking lot is approximately two blocks from the St. Louis Convention & Visitors Commission, and approximately one-half mile from the Edward Jones Dome. The lot, 100 percent leased to SP+.
The REIT also acquired a surface parking lot located within a few blocks of the Milwaukee River, situated across from the Hyatt Regency Milwaukee hotel and near a number of restaurants and retailers. The parking lot is striped with 54 spaces and is 100 percent leased to SP+.
MVP REIT acquired a surface parking lot centrally located on the eastern edge of downtown Denver. Striped with 28 spaces, the parking lot is 100 percent leased to the City of Denver School District. The property is within walking distance of neighboring office properties, multifamily and single family homes, retail outlets and Denver’s central business district.
Three of the parking lots acquired are operated by SP+, formerly known as Standard Parking. The Standard Parking and Central Parking brands of SP+ operate approximately 4,200 parking facilities with more than 2.1 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 75 airports.
MVP REIT’s parking portfolio contains eight surface parking lots and three parking garages with a total of 2,927 parking spaces. The REIT’s total property portfolio is valued at approximately $60.7 million.