Carter Validus Mission Critical REIT II Buys Two Properties for $26 Million

Carter Validus Mission Critical REIT II Inc., a non-traded real estate investment trust, purchased the Saginaw Healthcare Facility and Elgin Data Center for a combined purchase price of approximately $26.3 million, excluding closing costs and related fees. The acquisitions closed at the end of December.

Saginaw Healthcare Facility, purchased for $18 million, is a three-story, 88,000-square-foot medical office building located in Saginaw, Michigan. Built in 2002, the facility is 100 percent leased to Michigan Cardiovascular Institute, P.C. which provides outpatient cardiology services.

Elgin Data Center, purchased by the REIT for $8.3 million, is a 66,000-square-foot enterprise data center located in Elgin, Illinois on five acres. The data center is 84.4 percent leased to two tenants: an unnamed national provider of wireless voice, messaging, and data services, and Corporate America Family Credit Union.

Carter Validus Mission Critical REIT II purchased $73 million in data center and healthcare properties in December 2017.

“We believe these acquisitions are indicative of our commitment to investing in well located, high-quality commercial real estate in the growing industries of data centers and healthcare,” said CEO John Carter. “We are pleased with the quality and level of investment opportunities we saw in 2017, and as the portfolio grows, we believe we are well-positioned to deliver desired results for our investors in 2018.”

Carter Validus Mission Critical REIT II invests in net leased data center and healthcare assets and raised more than $1.1 billion in investor equity since launching in May 2014, according to Summit Investment Research. The REIT’s $1.6 billion portfolio is comprised of 70 properties (25 data center and 45 healthcare properties).

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