Carter Validus II Acquires Data Centers in Pennsylvania and Arizona

Carter Validus Mission Critical REIT II, Inc., a publicly registered non-traded real estate investment trust that acquires data center and healthcare real estate assets, recently acquired two data center properties for an aggregate $34.4 million contract purchase price, which excludes closing costs and related fees.

Situated on 3.73 acres with a 63-space surface parking lot, the King of Prussia Data Center is a 100 percent leased, one-story, 50,000-square-foot building built in 1960 and repurposed as an enterprise data center in 1997. The building is concrete block with steel frame construction with a concrete and brick exterior. The REIT acquired the King of Prussia Data Center for a contract purchase price of $19.2 million, which excludes closing costs and related fees.

In conjunction with this acquisition, CV Mission Critical REIT II entered into a $12,545,000 loan with Israel Discount Bank of New York.

Tempe Data Center II is a single-story, 58,560-square-foot colocation data center purpose-built in 1998 and situated on 10.98 acres. The building features poured-in place concrete construction with concrete columns and beams surrounded by a stone and glass veneer. The surface lot parking provides 148 spaces. CV Mission Critical REIT II acquired Tempe Data Center II for a contract purchase price of $15.2 million, which excludes closing costs and related fees.

“We believe these data centers are great additions to our portfolio and align very well with our strategy. We believe both data centers are in great condition, are 100 percent occupied by high-quality, creditworthy tenants and will be accretive for our investors,” said John E. Carter, CEO of CV Mission Critical REIT II.

Last month, as reported by The DI Wire, the company increased its distribution rates for Class A, Class I and Class T shares. In September, the company revised its net asset value per share upward to $9.18 for all three share classes, as also reported by The DI Wire.

Carter Validus Mission Critical REIT II, which invests in net leased data center and healthcare assets, went effective in May 2014 and has raised more than $1 billion in investor equity since inception. The REIT’s portfolio is comprised of 63 properties (20 data center and 43 healthcare properties) that were purchased for approximately $1.4 billion. The company’s offering is scheduled to close on November 24, 2017.

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