Carter Validus Mission Critical REIT to Sell 15 Properties for More Than $1 Billion

Carter Validus Mission Critical REIT Inc., a publicly registered non-traded real estate investment trust, has agreed to sell 15 properties in two separate transactions for nearly $1.1 billion.

The REIT plans to sell a 250,000-square-foot data center situated on approximately 19 acres of land in the Chicago metropolitan area for approximately $315 million. The potential buyer is an affiliate of Digital Realty Trust (NYSE: DLR), a publicly traded REIT that invests in data center assets.

The net book value of the Chicago Data Center was approximately $227.3 million at September 30, 2017, and includes intangible assets recorded upon acquisition of the property, capitalized leasing costs and straight-line rent receivable. The property was originally purchased by the Carter Validus REIT in May 2014 for $211.7 million.

Separately, the REIT entered into a definitive purchase and sale agreement with an affiliate of Mapletree Investments Pte Ltd, a Singapore headquartered real estate investment company, and Mapletree Industrial Trust, a Singapore Exchange listed Real Estate Investment Trust, to sell a 14-property data center portfolio for approximately $750 million. The net book value of the portfolio was approximately $598.4 million at September 30, 2017.

The transactions are expected to close in the fourth quarter of 2017.

Carter Validus Mission Critical REIT invests in net leased data center and healthcare assets and oversees a portfolio of 84 properties (20 data center and 64 healthcare properties) purchased for approximately $2.4 billion. The company’s offering, which was declared effective by the SEC in December 2010, closed in June 2014 after raising more than $1.7 billion in investor equity.

For more on the SC Distributors platform of products, visit their directory page here.