Denver's walkability is a great thing, but that doesn't mean the demand for parking spaces in the city is going to slack off. MVP REIT CEO Mike Shustek tells us why.
Even in the most walkable places, car culture is permanently part of the American way. Prime parking facilities enjoy locations in close proximity to popular destinations, such as retailers, sporting arenas, hotels, office buildings and tourist attractions, says Mike, who's snapped with son Andrew. A lease on a long-term basis to proven parking operators adds to the attractiveness of a particular parking property.
As part of a five-property portfolio deal in different states, SoCal-based MVP recently acquired a surface parking lot on the eastern edge of Downtown Denver. Striped with 28 spaces, the lot is 100% leased to the City of Denver School District. According to Mike, the site has everything a strong parking property needs: it's within walking distance of neighboring office properties, multifamily and single-family homes, and retail outlets.
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