MVP REIT I and II Buy Connecticut Parking Garage for $7.8 Million

MVP REIT Inc. and MVP REIT II Inc., two publicly registered non-traded real estate investment trusts, purchased a parking garage in Bridgeport, Connecticut for approximately $7.8 million. MVP contributed $7 million and owns 90 percent of the property, while MVP REIT II owns 10 percent.

The parking garage consists of approximately 233,000 square feet with 878 parking spaces and three ground floor retail spaces.

The facility is net leased to SP Plus Corporation, a national parking operator, for $400,000 per year for 10 years. MVP will be responsible for property taxes above a $100,000 threshold, while SP Plus will pay for insurance and maintenance costs. The agreement maintains that MVP will receive 65 percent of gross receipts over $775,000.

MVP REIT invests in a portfolio of parking facilities located throughout the United States. The REIT’s offering concluded in September 2015.

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