Carter Validus Mission Critical REIT II Buys Nine-Property Healthcare Portfolio
Carter Validus Mission Critical REIT II Inc., a publicly registered non-traded real estate investment trust, purchased the 9-property HPI Portfolio for $116.5 million. The 328,000-square-foot portfolio is comprised two acute care hospitals and seven integrated medical facilities.
The properties are affiliated with Healthcare Partners Investments LLC, which owns and operates hospitals, outpatient therapy and imaging centers, and dozens of clinics across the Oklahoma City, Oklahoma metropolitan statistical area. The HPI Portfolio is 100 percent occupied with lease terms ranging between 10-15 years.
“As we assemble the Carter Validus Mission Critical REIT II portfolio, we seek to continue to add value with the addition of assets. This portfolio is an ideal acquisition for CVMC REIT II and should complement the overall value of our existing investment portfolio of healthcare and data center real estate,” said Michael Seton, president of CVMC REIT II.
The HPI Portfolio includes:
HPI – Oklahoma City I, a one-story, 31-bed acute care hospital totaling 86,729 square feet that offers orthopedic, neurological and general surgery services as well as eye, ear/nose/throat, urological, and gynecological procedures.
HPI – Oklahoma City II, a 2-building integrated medical facility totaling 41,394 square feet that offers primary care services, orthopedics, and specialty rehabilitation focused on sports medicine and hand injury cases.
HPI – Oklahoma City III, a one-story integrated medical facility totaling 8,762 square feet located on the HPI – Oklahoma City I campus and houses a professional medical practice that provides family medicine and accident care.
HPI – Oklahoma City IV, a one-story integrated medical facility totaling 5,000 square feet and houses the administrative offices of HPI.
HPI – Oklahoma City V, a two-story integrated medical facility totaling 43,676 square feet located on the HPI – Oklahoma City I campus and provides orthopedic and gynecological physician practices.
HPI – Oklahoma City VI, a one-story integrated medical facility totaling 14,676 square feet and houses physician practices that provide orthopedic spine and hand services along with general family medical care.
HPI – Oklahoma City VII, a newly constructed, two-story, 14-bed acute care hospital totaling 102,978 square feet. The hospital provides inpatient and outpatient surgery and imaging with MRI, CT, x-ray, fluoroscopy, and ultrasound services. Additionally, this location also houses orthopedic, gynecology and cardiology physician offices.
HPI – Edmond, a one-story integrated medical facility totaling 17,700 square feet housing primary care, orthopedic, pain management and gastrointestinal physician offices.
HPI – Newcastle, a one-story integrated medical facility totaling 7,424 square feet which houses several physicians’ practices.
Carter Validus Mission Critical REIT II, which went effective in May 2014, focuses on net leased healthcare real estate and data center properties. The company has raised $694.3 million in investor equity since inception and oversees a portfolio of 42 properties (34 healthcare and 8 data centers).
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