Such acquisitions, added approximately 246,000 rentable square feet to CV Mission Critical REIT II’s portfolio
Carter Validus Mission Critical REIT II, Inc. (“CV Mission Critical REIT II”), a non-traded real estate investment trust focused on assembling a portfolio of high-quality data center and healthcare real estate, acquired properties during December 2017 for an aggregate contract purchase price of approximately $73 million, excluding closing costs and related fees.
Saginaw Healthcare Facility: Acquired on December 21, 2017, for an $18.0 million contract purchase price
Property Details: The Saginaw Healthcare Facility is an 87,843 rentable-square-foot, medical office building located in Saginaw, Michigan. Built in 2002, the structure is a three-story facility constructed of steel frame on a concrete slab with concrete block and a brick exterior. The facility is 100% leased to Michigan Cardiovascular Institute, P.C. which provides outpatient cardiology services including, but not limited to, vascular ultrasound, echocardiograms, stress echocardiograms, regular and nuclear stress testing, pulmonary function tests, and pacemaker/defibrillator checks.
Elgin Data Center: Acquired on December 22, 2017, for an $8.3 million contract purchase price
Property Details: The Elgin Data Center is a 65,745 rentable-square-foot enterprise data center located in Elgin, Illinois on 5.21 acres. The building is constructed of precast concrete tilt-up with a steel frame and a concrete panel exterior. The roof is a stone ballasted membrane. The data center is comprised of 30,000 square feet of white space, 8,517 square feet of office space, and 10,221 square feet of vacant space available for expansion. This data center is 84.4% leased to two tenants: (1) A national provider of wireless voice, messaging, and data services, and (2) Corporate America Family Credit Union.
John Carter, Chief Executive Officer of CV Mission Critical REIT II, commented, “We believe these acquisitions are indicative of our commitment to investing in well located, high-quality commercial real estate in the growing industries of data centers and healthcare. We are pleased with the quality and level of investment opportunities we saw in 2017, and as the portfolio grows, we believe we are well-positioned to deliver desired results for our investors in 2018.”
Michael Seton, President of CV Mission Critical REIT II, added, “Given our experience in building the CVMCR II portfolio, we believe we are uniquely positioned to continue to complete more accretive deals in the coming year to add value for stockholders. We believe these acquisitions align very well with our investment strategy to acquire high-quality assets.”
Chief Acquisition Officer, Healthcare
Vice President Acquisitions, Healthcare
Chief Portfolio Manager
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the Company’s expectations.
About Carter Validus
Carter Validus Mission Critical REIT II, Inc. is a public, non-traded company headquartered in Tampa, Florida that has elected to be taxed, and believes it qualifies, as a real estate investment trust. Carter Validus Mission Critical REIT II, Inc. intends to acquire mission critical real estate assets located throughout the United States and abroad. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants.
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