MVP REIT, Inc. (MVP), a public, non-traded real estate investment trust (REIT), recently agreed to acquire two parking facilities for an aggregate acquisition cost of about $9.4 million. MVP focuses its investment activity on parking related properties.
This week, MVP agreed to acquire a parking facility located at 611 Fannin Street in Houston, Texas which offers 265 parking spaces throughout 15,875 square feet for $8.375 million. The REIT expects to enter into a lease agreement with a parking operator who will lease and operate the facility.
Earlier this month, MVP agreed to purchase a parking lot in Wildwood, New Jersey for just over $1 million. The lot offers 40 parking spaces on 11,300 square feet.
The two transactions are subject to customary closing conditions including MVP’s due diligence. If satisfactory, both purchases are anticipated to close in May.
MVP is a $500 million primary offering that is expected to close by September 15, 2015.
Parking facilities are the REIT’s core asset and focus, but it has the ability to invest up to 25 percent in other assets including self-storage facilities, commercial buildings or other non-core assets.
As of December 31, 2014, MVP had raised about $42.1 million in equity capital and had invested in eight properties.