Home Alts News Carter Validus Mission Critical REIT II Buys Three Properties for $56 Million

Carter Validus Mission Critical REIT II Buys Three Properties for $56 Million

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Carter Validus Mission Critical REIT II Inc., a publicly registered non-traded real estate investment trust, purchased three healthcare and data center properties totaling $56.3 million with more than 155,000 rentable square feet. The properties include the yet-to-be constructed Post Acute Las Vegas Rehabilitation Hospital in Nevada, the Somerset Data Center in New Jersey, and the Integris Lakeside Women’s Hospital in Oklahoma.

“These acquisitions align very well with our investment strategy to acquire high-quality assets occupied by desirable tenants with long-term net leases. We are pleased to add these properties to our diverse portfolio of mission critical real estate,” said Michael Seton, president of CVMC REIT II.

CVMC REIT II purchased a parcel of land in Las Vegas, Nevada for $2.6 million and will be funding the development of the Post Acute Las Vegas Rehabilitation Hospital for a total cost of $24.1 million. The construction has an estimated completion date of August 2017.

PAM Rehab is under construction to become a two-story, 44-bed inpatient rehabilitation facility with approximately 56,220 rentable square feet. The facility is 100 percent net leased for a 20-year term to PAM Squared at Las Vegas, LLC.

Somerset Data Center, which was purchased for $12.4 million, is a two-story colocation data center consisting of 36,114 rentable square feet on a 2.9-acre parcel in Somerset, New Jersey. The center is currently 100 percent triple-net leased to Datapipe Inc. for a 12-year term.

The building was renovated in 2006, and significant improvements have been made to the property within the last year including a new roof, replacement of one of the remote terminal units, new stucco exterior insulation finishing system installation, reframed windows, a new security fence around the entire perimeter, a new elevator, an additional break room, and new bathrooms.

Integris Lakeside Women’s Hospital, which was purchased for $19.8 million, is a 23-bed, two-story 62,857-square-foot specialty hospital situated on nearly five acres in Oklahoma City, Oklahoma. The facility is 100 percent triple-net leased to Lakeside Women’s Hospital LLC.

Built in 1997 and renovated in 2008, Lakeside Hospital houses three operating rooms, a lab, a surgery center, an obstetrics center, an endoscopy unit, medical office suites, labor and delivery rooms, a nursery, and a level II neonatal intensive care unit.

Carter Validus Mission Critical REIT II focuses on net leased healthcare real estate and data center properties.

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