MVP to Buy Indianapolis Parking Lot

MVP REIT Inc., a publicly registered non-traded real estate investment trust that invests primarily in parking facilities, has entered into a purchase agreement to buy a parking lot for approximately $5 million in cash. The parking lot is located at 301 E. Washington Street in Indianapolis, Indiana. The lot consists of approximately 46,403 square feet and has approximately 149 parking spaces.

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MVP anticipates entering into a lease with a parking operator.

The purchase agreement is subject to MVP’s due diligence. It is anticipated that the purchase will close in approximately 60-90 days, however, there can be no assurance when and if this acquisition will be completed.

Last week, The DI Wire reported that MVP purchased two parking lots in Minneapolis, Minnesota for approximately $16 million in cash.

MVP REIT Inc.’s portfolio is comprised of 14 parking facilities located in eight states. As of August 11, 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.