San Diego, CA-based MVP REIT, Inc. has closed on its purchase of the parking lot at 611 Fannin St in Houston, Texas for $8.375 million in cash.
The parking garage consists of 90,750 square feet and has 265 parking spaces. The garage will be leased by iPark Services, LLC a Houston based parking operator, under a NN agreement.
iPark will pay annual rent of $600,000. In addition, the lease provides revenue participation with MVP receiving 60% of gross receipts over a contractual threshold.
The term of the lease is for 10 years.