LAS VEGAS, Sept. 26, 2012 (GLOBE NEWSWIRE) -- MVP REIT, Inc. today announced that its registration statement pertaining to an initial public offering of up to $500 million in common stock was declared effective by the United States Securities and Exchange Commission on September 26, 2012. In declaring the registration statement effective, the Securities and Exchange Commission has not approved or disapproved our common stock or determined if the prospectus included in the registration statement is truthful or complete.
MVP REIT is a publicly registered, non-traded hybrid real estate investment trust offering up to 55,555,556 shares of its common stock for sale at $9.00 per share and up to an additional 5,555,556 shares of its common stock for issuance under its distribution reinvestment plan at $9.00 per share.
MVP REIT intends to use the proceeds from the offering to invest in a diversified portfolio of income-producing commercial real estate properties and loans secured by commercial real estate, as well as to pay expenses and fees associated with the offering. The REIT intends to primarily acquire assets located in the Western and Southwestern United States.
Qualified investors must invest a minimum of $4,500 to be eligible to participate in the offering. IRAs and other qualified retirement plans have a minimum investment of $1,350.
A copy of the prospectus for the offering is available without charge upon written request addressed to MVP REIT, Inc., c/o Ashton Garnett Securities, LLC, 8880 W. Sunset Road, Suite 232, Las Vegas, Nevada 89148. The prospectus is also available on the MVP REIT website at www.mvpreit.com. Phone inquiries may be directed to 702.534.5577 or 1-888-800-1666.