Carter Validus Mission Critical REIT II, Inc. Announces Acquisition of a Medical Office Building in Carrollton, Texas for Approximately $8.5 Million
On June 11, 2018, Carter Validus Mission Critical REIT II, Inc. (“CV Mission Critical REIT II”), a public, non-traded, real estate investment trust focused on assembling a diversified portfolio of net-leased data center and healthcare assets, announced the acquisition of a Class-A, multi-tenant medical office building located in Carrollton, Texas, for a contract purchase price of approximately $8.5 million, which excludes acquisition fees and costs.
Built in 2015, the Carrollton Healthcare Facility is a 21,990 rentable-square-foot, medical office building located in Carrollton, Texas, approximately 15 miles north of Dallas in the fourth largest Metropolitan Statistical Area in the U.S. The structure is a two-story building constructed of steel frame with brick veneer. The building is 100% leased by two tenants, USMD PPM, LLC and PDP of Texas, PLLC. USMD PPM, LLC, the primary tenant, provides family medicine, internal medicine, endocrinology, pediatric and rheumatology services.
The second tenant, PDP of Texas, PLLC, provides dermatology services including diagnosis of and treatment for skin conditions and skin cancer as well as cosmetic procedures. The building is situated on 1.5 acres and contains 96 surface lot parking spaces.
Michael A. Seton, Chief Executive Officer and President of CV Mission Critical REIT II, commented, “We are pleased with the acquisition of this medical office building as we believe it represents the high-quality type of healthcare facilities in which CV Mission Critical REIT II continues to invest and should provide strong and predictable income streams. We believe that the addition of the Carrollton Healthcare Facility is an accretive transaction, which adds to the diversity of our asset base and will bring value to our stockholders as we continue to construct our healthcare portfolio.”
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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