| [July 22, 2016] |
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Carter Validus Mission Critical REIT II, Inc. Acquires Healthcare and Data Center Properties Totaling Over $56 Million
Carter Validus Mission Critical REIT II, Inc. ("CVMC REIT II") announced
the completion of acquisitions with an aggregate purchase price,
including future commitments, of approximately $56.3 million* and a
total of over 155,000* rentable square feet:
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CVMC REIT II purchased a 100% interest in a parcel of land in Las
Vegas, Nevada on June 24, 2016, for $2,613,600 and will be funding the
development of the Post Acute Las Vegas Rehabilitation Hospital
("PAM Rehab") for a total estimated acquisition cost of $24,052,600.
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% net leased for a 20-year term to PAM
Squared at Las Vegas, LLC ("the tenant"), a wholly owned subsidiary of
PAM Squared, LLC. The tenant will operate the facility when
construction is complete, which is estimated to be August 2017. The
tenant currently plans to offer inpatient rehabilitation services such
as treatment for strokes, spinal cord injuries, brain injuries, and
multiple traumas. Post Acute Medical, LLC ("PAM") will provide a
corporate, absolute guarantee of the lease. Carter Validus Advisors
II, LLC has an established relationship with PAM resulting from seven
prior acquisitions, including Post Acute Webster Rehabilitation
Hospital and Heartland Rehabilitation Hospital. PAM was founded in
2006 and currently owns a network of 31 specialty and surgical
hospitals in 12 states.
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Somerset Data Center was acquired by CVMC REIT II on June 29,
2016 for a purchase price of $12,375,000. The Somerset Data Center is
a two-story colocation data center consisting of 36,114 rentable
square feet on a 2.88-acre parcel in Somerset, New Jersey. The
Somerset Data Center is currently 100% triple-net leased to Datapipe (News - Alert),
Inc. ("Datapipe") for a 12.08-year term. The building was gut
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, new security fence around the
entire perimeter, a new elevator, an additional break room, and new
bathrooms. Datapipe is the only global managed IT and cloud service
provider recognized as an industry leader by both Gartner (News - Alert), Inc., and
Forrester Research, Inc.
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Integris Lakeside Women's Hospital ("Lakeside Hospital") was
acquired by CVMC REIT II on June 30, 2016 for $19,840,000. Lakeside
Hospital is a 23-bed, two-story 62,857-square-foot specialty hospital
constructed of steel and concrete with stone veneer accents situated
on 4.93 acres in Oklahoma City, Oklahoma. The facility, 100%
triple-net leased to Lakeside Women's Hospital, LLC ( "Lakeside"),
provides a broad range of women's health services including obstetric,
gynecological and urogynecological services, labor and delivery,
breast surgery, colonoscopy, hormone replacement therapy, mammography,
nursing, and bone density testing. 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.
"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 A. Seton,
President of CVMC REIT II.
*Includes our intention to fund the construction of the
56,220-square-foot Post Acute Las Vegas Rehab Hospital for approximately
$21.5 million.
About Carter Validus Mission Critical REIT II, Inc.:
Carter Validus Mission Critical REIT II, Inc. is a public, non-traded
company headquartered in Tampa, Florida that has elected to be taxed,
and believes it qualifies, as a real estate investment trust. The
Company intends to acquire mission critical real estate assets located
throughout the United States and abroad. Mission critical real estate
assets are purpose-built facilities designed to support the most
essential operations of tenants. Carter Validus Mission Critical REIT
II, Inc. intends to focus its acquisitions on mission critical assets in
the data center and healthcare sectors. See www.cvmissioncriticalreitii.com
for more information.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of federal securities laws and regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict," "project,"
"should," "will" and other similar terms and phrases, including
references to assumptions and forecasts of future results.
Forward-looking statements are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors that
may cause the actual results to differ materially from those anticipated
at the time the forward-looking statements are made. Although the
Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that the expectations will be attained or that any deviation
will not be material. The Company undertakes no obligation to update any
forward-looking statement contained herein to conform the statement to
actual results or changes in the Company's expectations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160722005751/en/
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