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MVP REIT Acquires Five US Parking Facilities for USD 36m.

M2 EQUITYBITES-June 16, 2015-MVP REIT Acquires Five US Parking Facilities for USD 36m

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16 June 2015 - US-based parking lot and garage investor MVP REIT, Inc.has recently completed the acquisition of five parking facilities in four states for an aggregate purchase price of USD 36m, the company said.

The acquisitions are comprised of parking garages and surface parking lots.

Among the REIT's five acquisitions is an eight-story parking garage in downtown Fort Worth situated directly across from the 14-story Fritz G. Lanham Federal Building, which houses local federal offices of the Social Security Administration, Internal Revenue Service, National Weather Service and National Labor Relations Board.

MVP also acquired a four-story parking garage in downtown Houston with 265 striped spaces. Situated approximately six blocks from Minute Maid Park, home of the Major League Baseball's Houston Astros, the garage is near a variety of hotels, retail outlets and restaurants.

It acquired a surface parking lot in downtown St. Louis, striped with 221 spaces, and a surface parking lot located within a few blocks of the Milwaukee River.

MVP REIT also acquired a surface parking lot centrally located on the eastern edge of downtown Denver. Striped with 28 spaces, the parking lot is 100% leased to the city of Denver School District.

The REIT's parking portfolio contains eight surface parking lots and three parking garages with a total of 2,927 parking spaces. The REIT's total property portfolio is valued at approximately USD 60.7m.

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Publication:M2 EquityBites (EQB)
Date:Jun 16, 2015
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