March 14, 2016 | by DI Wire
MVP REIT Inc., a publicly registered non-traded real estate investment trust, announced that it intends to pursue listing its shares of common stock on the NASDAQ Global Market. Although the company’s board of directors approved taking actions to list the shares, it is not clear at this time if or when the listing application will be approved.
In other company news, MVP along with MVP REIT II, signed an agreement to sell a 108,000-square-foot, 185-space parking lot in Minneapolis, Minnesota for $5.8 million. The potential buyer was not named.
The buyer will pay approximately $1.7 million in cash at the closing with the remaining $4 million will be paid over a period of two years with interest only payments at a rate of 6.5 percent per year. The purchase is subject to a 30-day due diligence period, and will be subject to a parking restriction agreement prohibiting the use as a paid public parking facility for a period of up to 20 years.