MVP REIT Purchases Two Parking Lots

MVP REIT Inc., a publicly registered non-traded real estate investment trust, purchased a parking lot in Clarksburg, West Virginia for approximately $620,000 in cash.

The parking lot consists of approximately 35,000 square feet and has 94 parking spaces.

It is leased by ABM Parking Services Inc., a national parking operator, under a net lease agreement where MVP will be responsible for property taxes and ABM will pay for all insurance and maintenance costs.

ABM will pay annual rent of $55,400. In addition, MVP will receive 50 percent of gross receipts in excess of $112,000. The term of the lease will be for 5 years.

In other MVP REIT news, the company entered a joint venture with MVP REIT II to purchase a parking lot in Denver, Colorado for approximately $2.4 million in cash. MVP REIT owns 75.51 percent and MVP REIT II owns 24.49 percent.

The parking lot consists of approximately 18,800 square feet and has 72 parking spaces.

It is leased by SP Plus Corporation, a national parking operator, under a net lease agreement where MVP will be responsible for property taxes and SP Plus will pay for all insurance and maintenance costs.

SP Plus Corporation will pay annual rent of $120,000. In addition, the lease provides revenue participation with MVP receiving 70 percent of gross receipts over $160,000. The term of the lease will be for 10 years.

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

For more MVP REIT related news, visit their Directory Page here.