Vestin Realty Mortgage I Forms Partnership to Acquire Three Parking Facilities in a $13.5 Million, Six Parking Facility Portf...
29 Agosto 2013 - 3:03PM
Vestin Realty Mortgage I Inc. (Nasdaq:VRTA) announced today it has
acquired three independently located parking facilities as part of
its previously announced agreement to purchase six parking
facilities for $13.5 million. The $5.8 million all-cash acquisition
closed on August 28, 2013.
Two of the three parking facilities are located in downtown
Memphis, Tenn. The Court Avenue lot is on approximately one
half-acre of paved land with 37 parking spaces and is surrounded by
a number of businesses, including Autozone Park. The Poplar Avenue
lot lies on approximately an acre of land with 125 parking spaces.
The site is within a short distance to the Shelby County Justice
Center, Memphis City Hall and the County Election Commission.
The third parking facility, located on Holmes Street in downtown
Kansas City, MO, is on approximately 1.10 acres of land and striped
for 300 parking spaces. The property is located near Kansas City's
City Hall, Kansas City Municipal Court and a number of other local
government facilities.
"We are excited to announce the addition of three parking
facilities, all of which are independently situated in downtown
metropolitan locations," explained Mike Shustek, chairman and chief
executive officer of Vestin Realty Mortgage I Inc.
The Company, along with Vestin Realty Mortgage II Inc. ("VRMII")
and MVP REIT, Inc. ("MVP"), formed three separate limited liability
companies to purchase the parking facilities, which are each owned
44 percent by the Company, 51 percent by VRMII and 5 percent by
MVP. Percentages were based on each party's capital
contributions.
The two remaining parking facilities in the portfolio are
expected to be acquired on or around September 4, 2013. The parking
facilities are located in Baltimore, MD and St. Louis, MO.
About Vestin Realty Mortgage I, Inc.
Vestin Realty Mortgage I, Inc. is a publicly traded company that
invests in commercial real estate loans and commercial real estate.
As of June 30, 2013, Vestin Realty Mortgage I, Inc. had assets of
approximately $21.4 million. Vestin Realty Mortgage I, Inc. is
managed by Vestin Mortgage, LLC., a significant majority of which
is owned by Michael Shustek. Since 1995, Vestin Mortgage has
facilitated more than $2.0 billion in lending transactions.
Forward-looking statements
This press release contains forward-looking statements within
the meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate", "believe", "continue", "could",
"estimate", "expect", "intend", "may", "plan", "project", "should",
"will", and other similar terms and phrases, including references
to assumptions and forecasts of future results. Forward-looking
statements are not guarantees of future performance and involve
known and unknown risks, uncertainties and other factors that may
cause the actual results to differ materially from those
anticipated at the time the forward-looking statements are
made. These risks include, but are not limited
to: volatility in the debt or equity markets affecting
our ability to acquire or sell real estate assets; national and
local economic, business and real estate market conditions,
including the likelihood of a prolonged economic slowdown or
recession; the ability to maintain sufficient liquidity and our
access to capital markets; our ability to identify, successfully
compete for and complete acquisitions and loans; and the
performance of real estate assets and loans after they are
acquired. Although each of Vestin and MVP believe the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, they can give no assurance that the
expectations will be attained or that any deviation will not be
material. Neither Vestin nor MVP undertake any obligation to update
any forward-looking statement contained herein to conform the
statement to actual results or changes in
expectations. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy
securities.
CONTACT: Jill Swartz
Spotlight Communications
(949) 427-5172 ext. 701
Jill@spotlightmarcom.com
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