Carter Validus Mission Critical REIT II, Inc. Completes $33.7 Million in Healthcare Acquisitions
TAMPA, Fla.--(BUSINESS WIRE)--Nov 29, 2018--Carter Validus Mission Critical REIT II, Inc. (“the Company”), 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 the Clive Healthcare Facility and the Valdosta Healthcare Facilities Portfolio for an aggregate contract purchase price of approximately $33.7 million, excluding acquisition fees and costs.
Clive Healthcare Facility
On November 26, 2018, the Company acquired the Clive Healthcare Facility for approximately $23.5 million excluding acquisition fees and costs.
The Clive Healthcare Facility is a 58,156 rentable square foot integrated medical facility. The two-story facility was constructed in 2008 and is situated on 1.02 acres with a basement parking garage offering 44 parking spaces, and access to an additional 150 parking spaces through a parking agreement.
The Clive Healthcare Facility is in Clive, IA, which is located approximately 10 miles east of Des Moines, Iowa and part of the five-county-Des Moines-West Des Moines, Iowa metropolitan statistical area. The facility benefits from being in a submarket with limited inventory and increasing market rents. It also benefits from being located directly across the street from both the 95-bed Methodist West Hospital and the 82-bed Mercy Medical Center West Des Moines.
The facility is 100 percent leased and is anchored by an ambulatory surgery center, as well as some leading physician practices in the area.
Michael Seton, Chief Executive Officer and President of the Company stated, “This acquisition is a great addition to our portfolio with long term tenants affiliated with a leading hospital system and strong physician practices. It’s location adjacent to two hospital campuses and in a growing submarket should keep demand high for medical space both now and in the future.”
Valdosta Healthcare Facilities Portfolio
On November 28, 2018, the Company acquired the Valdosta Healthcare Facilities Portfolio for approximately $10.2 million, excluding acquisition fees and costs.
The Valdosta Healthcare Facilities Portfolio consists of two medical office buildings situated on 4.35 acres with surface parking consisting of 221 spaces. One facility is a 24,750 rentable square foot, two-story medical office building constructed in 2004. The other facility is a 12,745 rentable square foot, single-story medical office building constructed in 1992.
Valdosta is the principal city of the Valdosta, Georgia metropolitan statistical area and is located approximately 75 miles from Tallahassee, Florida. The two facilities benefit from their close proximity to Valdosta’s leading medical center which provides market demand for medical office building space, the presence of Mood Air Force Base, which supports employment and economic activity in the metropolitan statistical area, and easy access to the major arterial highway I-75, which provides convenience for both patients and physicians.
The two facilities are 100 percent leased by Valdosta Family Medicine Associates, PC, the largest primary care practice in the Valdosta, Georgia region. Additional patient services provided are rheumatology, endocrinology, pediatrics, and urgent care.
Mr. Seton added, “We are pleased with this portfolio acquisition as it presents the opportunity to acquire two healthcare facilities with a long-term tenant that has been in operation for over 30 years and is also the largest primary care practice in the region.”
About Carter Validus Mission Critical REIT II, Inc.:
Carter Validus Mission Critical REIT II, Inc. is a public, non-traded corporation 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 continue 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. Carter Validus Mission Critical REIT II, Inc. intends to continue to focus its acquisitions on mission critical assets in the data center and healthcare property sectors. See for more information.
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 Carter Validus Mission Critical REIT II, Inc. 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. Carter Validus Mission Critical REIT II, Inc. undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in Carter Validus Mission Critical REIT II, Inc.’s expectations.
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KEYWORD: UNITED STATES NORTH AMERICA FLORIDA GEORGIA IOWA
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Carter Validus Mission Critical REIT II, Inc.
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PUB: 11/29/2018 09:55 AM/DISC: 11/29/2018 09:55 AM