Non-traded REIT, Carter Validus Mission Critical REIT (CVMC), recently acquired the Milwaukee Data Center in Harland, Wisconsin and the Windstream Charlotte Data Center in Charlotte, North Carolina.
The 59,000 square-foot Milwaukee Data Center is used exclusively by Thomson Reuters U.S. LLC and was purchased for $19.5 million.
The Windstream Charlotte Data Center is a 60,850 square-foot property that was renovated in 2013 and has number of tenants. It was sold for $26.4 million.
The Charlotte Data Center has been added to the collateral pool of the REIT’s credit facility with KeyBank, thus increasing the REIT’s borrowing base.
As of April 30, 2014, the total borrowing base available under the KeyBank credit facility was $211.2 million. The Company had drawn $55 million and had approximately $156.2 million in borrowings available under the credit facility.
Launched in 2009, CVMC is scheduled to close to new investors June 6, 2014.
The REIT seeks to invest in “mission critical” real estate, which means the facilities are purpose-built and essential to the operations of high growth industries.
Its offering size is $1.5 billion and as of March 31, 2014, the Company had issued approximately 104,534,000 shares of its common stock, for gross proceeds of just north of $1 billion.
It currently has a portfolio of 38 properties and total investments valued at over $1.1 billion.