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12/03/13
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MVP REIT Inc has completed the final of six commercial office building acquisitions located within a Las Vegas office park. The 22k sf office building was purchased for $6.1 mil ($277/sf) in a transaction that closed on Nov. 20. The six buildings were purchased in total for $55.1 mil.
Built in 2008, the two-story building is located at 8945 W. Post Rd and is situated directly off Interstate 215, in close proximity to McCarran International Airport and the Las Vegas Strip. The property is
89 percent leased to a mix of professional tenants, all subject to triple net leases under which the tenant is responsible for the majority of the costs associated with maintaining the building.
MVP REIT financed the acquisition through the assumption of approximately $3.2 mil in existing debt and the transfer of approximately 323,024 shares of the company's common stock at $8.775 per share of which approximately 11,400 shares were held back until such time as certain additional conditions are met.
In total, the six acquired properties include both two- and three-story steel/concrete office buildings, all constructed over the past 10 years as part of a planned 16-acre office park. Each multi-tenant building was acquired with an occupancy rate of at least 89 percent, and contains a mixture of professional tenants under triple net leases.
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