Carter Validus Mission Critical REIT II Buys New Jersey Medical Facility for $63.6 Million

Carter Validus Mission Critical REIT II Inc., a publicly registered non-traded real estate investment trust, purchased the Select Medical Rehabilitation Facility in Marlton, New Jersey for approximately $63.6 million.

The Select Medical Rehabilitation Facility, a three-story, 89,000-square-foot property built in 1995, is 100 percent net leased to Kessler Institute for Rehabilitation Inc., a subsidiary of Select Medical Holdings Corporation. Services provided at the facility include inpatient physical, occupational, speech and recreational therapy, as well as outpatient aquatic therapy and prosthetic training.

“We believe the Select Medical Rehabilitation Facility is a great addition to our growing portfolio,” said Michael Seton, president of CVMC REIT II. “The facility benefits from its on-campus location and is directly connected to one if its primary referral sources, Virtua Marlton Hospital.”

Carter Validus Mission Critical REIT II, which went effective in May 2014, focuses on net leased healthcare real estate and data center properties. As of October 14, 2016, the company has raised $755.5 million in investor equity from the sale of class A and class T shares, and oversees a portfolio of 43 properties (34 healthcare and 9 data centers) for a total purchase price of approximately $704.4 million.

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