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MVP REIT to Purchase $34 Million Parking Garage in Chicago

MVP REIT Inc., a publicly registered non-traded real estate investment trust that invests primarily in parking facilities, entered into a purchase agreement to buy a parking garage in Chicago for approximately $34 million in cash and debt assumption. The REIT plans to assume an existing note of approximately $16.1 million.

The parking garage consists of approximately 317 parking spaces and contains approximately 63,000 square feet of retail space. MVP anticipates entering into a lease with a parking operator.

MVP expects the purchase to close by the end of 2015.

Earlier this week, The DI Wire reported that the company entered into another purchase agreement to buy a parking lot for approximately $5 million in cash in Indianapolis, Indiana.

MVP REIT Inc.’s portfolio is comprised of 14 parking facilities located in nine states. As of August 10, 2015, the company has issued, 7,796,690 shares of common stock, including shares issued pursuant to the distribution reinvestment plan. The REIT’s offering is scheduled to conclude on September 25, 2015.