Steven Reed Joins MVP as President

LAS VEGAS—MVP REIT Inc. has hired Steven Reed as president. He will also serve as president of MVP Realty Advisors LLC and MVP American Securities LLC, the REIT's advisor and affiliated broker-dealer, respectively.

Reed will be responsible for managing the company's securities operations marketing, sales and accounts. He tells GlobeSt.com, “I'm excited to join the team at MVP. We have a great management team in place with extensive industry experience. Our focus is on surface parking lots and garages.  This property sector is very fragmented and lends itself nicely to the company's investment focus.”

Before joining MVP, Reed was product manager of ARC Realty Finance Trust and was responsible for sales, marketing and operations. Previously, he had spent three years with NorthStar Realty Securities as divisional VP and was senior regional VP of Dividend Capital Securities between 2003 and 2010. He also had spent eight years at Scudder Investments.

MVP REIT intends to operate as a publicly registered, non-traded hybrid REIT. It is currently conducting a public offering of more than 55 million shares of its common stock at $9 per share and more than 5.5 million additional shares of its common stock for issuance under its distribution reinvestment plan at $8.73 per share. The 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 income-producing commercial real estate, as well as to pay expense and fees associated with the offering.

Reed joins MVP on the heels of another major post announcement. As GlobeSt.com reported last week, Roland Quast has joined the company as senior EVP for MVP REIT Inc. and will also serve as senior EVP of MVP Realty Advisors LLC and MVP American Securities LLC. Quast is involved in developing and supporting retail distribution opportunities for MVP REIT and other alternative investment programs.

In addition, the firm has been involved in some acquisitions recently. As GlobeSt.com reported in November 2013, the REIT executed the final of six commercial-office building acquisitions located within a Las Vegas office park at 8945 W. Post Rd. The 22,000-square-foot office building was purchased for $6.1 million; the six buildings were purchased in total for $55.1 million.