The Parking REIT Sells Two St. Louis Surface Parking Lots

The Parking REIT Inc., The Parking REIT Inc., a publicly registered non-traded real estate investment trust formerly known as MVP REIT II Inc, has sold two surface lots in St. Louis, Missouri.

The Parking REIT Inc., The Parking REIT Inc., a publicly registered non-traded real estate investment trust formerly known as MVP REIT II Inc., has sold two surface lots in St. Louis, Missouri for a combined $8.5 million.

The properties were originally purchased in May and June 2015 by MVP REIT Inc. for a combined approximately $6 million, and later acquired by The Parking REIT, Inc. for approximately $6.8 million based upon the allocation of the merger consideration for the merger of MVP REIT Inc. and MVP REIT II Inc. in December 2017.

“We are very pleased with the outcome of these dispositions,” said Mike Shustek, chairman and chief executive officer of The Parking REIT. “Selling the properties for approximately 41 percent higher value than their original purchase price provides value to the REIT and its investors.”

The surface parking lots were sold to the Land Clearance for Redevelopment Authority of the City of St. Louis.

The sale included St. Louis Convention Plaza, a 1.26-acre surface lot that is striped with 221 parking spaces and a 1.07-acre lot striped with 202 parking spaces.

As of June 30, 2018, after taking into account the sale of the St. Louis parking lots, The Parking REIT’s portfolio contains 43 surface parking lots and garages located in 17 states with a total of approximately 11,500 parking spaces.

The Parking REIT Inc. invests primarily in parking lots and garages in the United States. Its assets include 43 parking facilities located in 17 states. The Parking REIT is managed by MVP Realty Advisors LLC.

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