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Sunday, Sep 25, 2022
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Local REIT Buying Six Parking Facilities for $69.6 Million

San Diego-based MVP REIT Inc. has entered into multiple purchase agreements to acquire six parking facilities in four cities for a total of approximately $69.6 million, the company announced.

A company statement said the properties include a 317-space parking garage in downtown Chicago, which also contains approximately 63,000 square feet of retail space, and two facilities in downtown Indianapolis with a total of 519 parking spaces.

The real estate investment trust has also agreed to buy a Milwaukee parking lot with approximately 75 spaces, and two Minneapolis facilities with a total of 455 spaces.

MVP REIT’s nationwide parking portfolio currently contains 11 surface parking lots and three parking garages, with total value of approximately $70.9 million.

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