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6/22/15
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MVP REIT Inc recently completed the acquisition of five parking facilities in four states for an aggregate purchase price of $36 mil. The acquisitions are comprised of parking garages and surface parking lots.
"Each of these parking facilities enjoy superior locations in close proximity to popular destinations, including retail stores, sporting arenas, hotels, office buildings and tourist attractions," said Mike Shustek, chairman and chief executive officer of MVP REIT. "Adding to their attractiveness, each of these properties is leased on a long-term basis to proven parking operators."
Among the REIT's five acquisitions is an eight-story parking garage in downtown Fort Worth situated directly across from the 14-story Fritz G. Lanham Federal Building, which houses local federal offices of the Social Security Administration, Internal Revenue Service, National Weather Service and National Labor Relations Board. The parking garage is also in close proximity to the Fort Worth Convention Center, Burnett Park, Fort Worth Water Department and a variety of restaurants. The facility is striped with 1,013 spaces and is 100 percent leased to SP+.
The REIT also acquired a four-story parking garage in downtown Houston with 265 striped spaces. Situated approximately six blocks from Minute Maid Park, home of the Major League Baseball's Houston Astros, the garage is near a variety of hotels, retail outlets and restaurants. It is within a half-mile walk of the George R. Brown Convention Center and Discovery Green, a 12-acre park that has welcomed more than 6 million visitors and hosted in excess of 2,000 public and private events since opening in April 2008. The garage is 100 percent leased to operator iPark Services.
In downtown St. Louis, MVP REIT acquired a surface parking lot, striped with 221 spaces. The parking lot is approximately two blocks from the St. Louis Convention & Visitors Commission, and approximately one-half mile from the Edward Jones Dome. The lot, 100 percent leased to SP+, is also near an assortment of area restaurants and hotels, and less than one mile from the world-renowned Gateway Arch, the Mississippi River, City Museum and the Convention Center Metrolink Station.
The REIT also acquired a surface parking lot located within a few blocks of the Milwaukee River, situated across from the Hyatt Regency Milwaukee hotel and near a number of restaurants and retailers. It is also within one-half mile of BMO Harris Bradley Center, home of the National Basketball Association's Milwaukee Bucks. The parking lot is striped with 54 spaces and is 100 percent leased to SP+.
And in Denver, CO, MVP REIT acquired a surface parking lot centrally located on the eastern edge of the city’s downtown. Striped with 28 spaces, the parking lot is 100 percent leased to the City of Denver School District. The property is within walking distance of neighboring office properties, multifamily and single family homes, retail outlets and Denver's central business district.
Three of the parking lots acquired are operated by SP+, formerly known as Standard Parking. The Standard Parking and Central Parking brands of SP+ operate approximately 4,200 parking facilities with more than 2.1 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 75 airports.
MVP REIT's parking portfolio contains eight surface parking lots and three parking garages with a total of 2,927 parking spaces. The REIT's total property portfolio is valued at approximately $60.7 mil.
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