The Parking REIT Buys Parking Facilities in Honolulu and New Orleans

The Parking REIT Inc., a publicly registered non-traded real estate investment trust, has purchased a multi-level parking garage in Honolulu, Hawaii and a surface lot in New Orleans, Louisiana. The purchase prices were not disclosed.

“These properties are ideally located in dense population centers and heavily trafficked tourist areas of Honolulu and New Orleans,” said Mike Shustek, chairman and chief executive officer of The Parking REIT. “Each is within close proximity to popular tourist destinations and entertainment amenities, including numerous retail stores and dining options.”

The Parking REIT acquired a four-story parking garage located in downtown Honolulu, approximately three blocks from the Honolulu Harbor. The garage consists of approximately 308 parking spaces and 16,205 square feet of retail space. Commonly referred to as Marks Garage, the structure will be operated by SP Plus Corporation under a long-term lease.

The approximately 150,810-square-foot building is located in the Chinatown neighborhood of Honolulu and is zoned for central business mixed-use, which permits a wide variety of uses. It is adjacent to the Hawaii Theater and surrounded by retail and office space. Hawaii Pacific University is approximately 1.5 blocks from the garage.

The Parking REIT also acquired a 78-space surface parking lot located in New Orleans. The lot is within walking distance of the French Quarter, Louis Armstrong Park, New Orleans Jazz National Historical Park and Jackson Square. The surface lot will be operated by 342 N. Rampart LLC.

As of June 30, 2018, The Parking REIT’s portfolio contains 43 surface parking lots and garages with a total of approximately 11,500 parking spaces.

The Parking REIT, Inc. (formerly known as MVP REIT II, Inc.) is a publicly registered, non-listed REIT that invests primarily in parking lots and garages in the United States. Its assets include 43 parking facilities located in 18 states. The Parking REIT is managed by MVP Realty Advisors LLC.

For more news on The Parking REIT, visit their directory page here.