MVP REIT to Seek NASDAQ Listing

MVP REIT Inc., a publicly registered non-traded real estate investment trust, announced that it intends to pursue listing its shares of common stock on the NASDAQ Global Market. Although the company’s board of directors approved taking actions to list the shares, it is not clear at this time if or when the listing application will be approved.

In other company news, MVP along with MVP REIT II, signed an agreement to sell a 108,000-square-foot, 185-space parking lot in Minneapolis, Minnesota for $5.8 million. The potential buyer was not named.

The buyer will pay approximately $1.7 million in cash at the closing with the remaining $4 million will be paid over a period of two years with interest only payments at a rate of 6.5 percent per year. The purchase is subject to a 30-day due diligence period, and will be subject to a parking restriction agreement prohibiting the use as a paid public parking facility for a period of up to 20 years.

The property, along with a neighboring parking lot, was originally purchased on January 6, 2016 as part of a joint venture with MVP II through a newly formed limited liability company of which MVP owns 87.1 percent. The total price for the two lots was approximately $15.5 million plus closing costs, of which approximately $13,495,000 was MVP’s share.

The REIT anticipates no gain or loss will be recognized on the sale of the parking lot.

MVP also entered into an agreement to purchase a 274-space parking lot in Cleveland, Ohio for approximately $5.7 million in cash. It is anticipated that MVP will joint venture with MVP II and that MVP II will own an approximate 10 percent interest. The lot will likely be leased to a national parking lot operator.

MVP’s board of directors also appointed Dan Huberty to serve as its president. He replaces Lance Bradford.

Since January 2015, Huberty served as vice president at JNL Parking, where he was in charge of sales and acquisitions. In addition, since July 2015, he has served as vice president of parking operations for MVP. Prior to his position at JNL Parking, he served as senior vice president of sales for Central Parking and was the former executive vice president of operations for SP +, where he oversaw the southern division for the company after helping complete the sale and integration of Central Parking.

Huberty received his bachelor’s in business administration from Cleveland State University and his master’s in business administration from the University of Phoenix. He currently serves as a state representative in Texas.