The Parking REIT Changes Name
The Parking REIT, Inc., a publicly registered non-traded real estate investment trust, has changed its name to Mobile Infrastructure Corporation.
The Parking REIT, Inc., a publicly registered non-traded real estate investment trust, has changed its name to Mobile Infrastructure Corporation.
The company’s new website will be www.mobileit.com.
The Parking REIT was originally formed by the December 2017 merger of MVP REIT and MVP REIT II. In August 2021, an affiliate of Bombe Asset Management LLC, a Cincinnati-based alternative asset management firm, purchased a majority stake in the company.
The REIT was created to invest primarily in parking lots and garages in the United States and owns a portfolio of 43 parking facilities located in 17 states. It commenced operations in December 2015 and raised approximately $61.3 million in the initial public offering until closing in March 2017.
“We will continue to execute on our mandate of investing in parking infrastructure across the United States…,” said Manuel Chavez, chief executive officer. “We believe that the name ‘Mobile Infrastructure Corporation’ captures the essence of our company’s core values and business practices, while also representing our broader portfolio composition of these parking structures…”
As previously reported, Michael Shustek stepped down as a director and officer of the REIT, and Chavez now serve as chairman and chief executive officer, and Stephanie Hogue serves as president.
In early August, the Securities and Exchange Commission charged Shustek with securities fraud, along with his investment advisory firm, Vestin Mortgage LLC. Shustek’s attorney, Manny Abascal of Latham & Watkins LLP, said that Shustek “looks forward to contesting these old and unfounded claims and clearing his name.”
