MVP REIT Inc., a publicly registered non-traded real estate investment trust that invests in parking facilities, entered into a purchase agreement to buy a parking garage in Indianapolis for approximately $10.5 million.
The approximately 52,650-square-foot parking garage is located at 120 East Washington Street in Indianapolis, IN and contains approximately 370 parking spaces. MVP anticipates entering into an agreement with a parking operator to lease the property.The purchase is subject to MVP’s due diligence and is anticipated to close in September.
MVP REIT owns 15 parking facilities located in nine states and one self-storage unit. As of June 30, 2015, the REIT has issued 6,899,873 shares of its common stock and an additional 87,840 shares through its distribution reinvestment program.