MVP REIT Inc., a publicly registered non-traded real estate investment trust, entered into an agreement to purchase a parking garage in Bridgeport, Connecticut from Fairfield Avenue Parking Corporation for $7.8 million, plus closing costs.
The property is a multi-level parking garage consisting of approximately 878 parking spaces, together with approximately 4,349 square feet of retail space.
In other MVP REIT news, the board of directors accepted the resignation of director Fredrick Leavitt, but decided not to fill the vacancy at this time. No reason was given for the resignation.
MVP REIT invests in a portfolio of parking facilities located throughout the United States. The REIT’s offering concluded in September 2015.