LAS VEGAS, Jan. 14, 2021 /PRNewswire/ -- Vestin Realty Mortgage I, Inc. (OTC: VRTA) and Vestin Realty Mortgage II, Inc. (OTC: VRTB) announced today that, in combination with Michael V. Shustek and MVP Realty Advisors LLC, they have reached a definitive agreement wherein the collective parties will sell 1,549,324 shares of common stock of The Parking REIT at a price of $11.75 per share to Color Up LLC, a subsidiary of Bombe Asset Management LLC, which is a private equity firm that invests in real estate, transportation, infrastructure assets, and services.
In addition, the Vestin entities will contribute 175,000 common shares of The Parking REIT to settle three pending class action lawsuits brought against The Parking REIT and MVP Realty Advisors will surrender its claim to 400,000 shares of common stock due to it by The Parking REIT.
The completion of the transaction is expected to occur in the second quarter of the year and is subject to several closing conditions. Upon closing, Shustek will resign as a director and officer of The Parking REIT.
