MVP REIT Inc., a publicly registered non-traded real estate investment trust that invests primarily in parking facilities, entered into an agreement to purchase a parking lot in Milwaukee, WI for approximately $4.1 million.
The approximately 48,500-square-foot parking lot is located at 1120 N. Old World 3rd Street and has 75 parking spaces. MVP anticipates entering into an agreement with a parking operator to lease the lot and anticipates financing approximately 60 percent of the purchase price.
It is anticipated that the purchase will close on or before October 1, 2015, however, there can be no assurance when and if this acquisition will be completed.
In other MVP REIT news, Dan Huberty was hired as vice president of parking operations of MVP Realty Advisors LLC. In addition to his current role at MVP Realty Advisors, he also serves as vice president of sales and acquisitions for JNL Parking. Prior to employment with JNL Parking, he served as an executive vice president of SP Plus and as a vice president for Clean Energy Fuels. Huberty earned his bachelor’s in business administration from Cleveland State University in 1991 and his master’s in business administration from the University of Phoenix in 1998. He also serves as a state representative for Texas House District 127.
MVP REIT Inc.’s portfolio is comprised of 14 parking facilities located in nine states. As of August 10, 2015, the company has issued, 7,796,690 shares of common stock, including shares issued pursuant to the distribution reinvestment plan. The REIT’s offering is scheduled to conclude on September 25, 2015.