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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Carter Validus Mission Critical REIT II, Inc. Completes $23.2 Million in Data Center and Healthcare Acquisitions

October 29, 2018 GMT

TAMPA, Fla.--(BUSINESS WIRE)--Oct 29, 2018--Carter Validus Mission Critical REIT II, Inc. (“the Company”), a public non-traded real estate investment trust focused on assembling a diversified portfolio of net-leased data center and healthcare assets, announced the acquisition of the Canton Data Center and the Indianola Healthcare Facilities Portfolio for an aggregate contract purchase price of approximately $23.2 million, excluding acquisition fees and costs.

Canton Data Center

On October 3, 2018, the Company acquired the Canton Data Center for approximately $9.4 million excluding acquisition fees and costs. The facility is a colocation data center delivering 1.5 Megawatts of existing capacity expandable to 3.0 Megawatts. Located in Canton, Ohio, the data center is situated on 1.83 acres and contains a two-story building consisting of 29,960 rentable square feet.

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Canton is the principal city in the Canton-Massillon, Ohio metropolitan statistical area and is considered a good location for data centers given the area’s robust and inexpensive power grid and low cost of energy. The Canton Data Center is 100 percent leased by Data 4726, LLC dba Secure Data 365 a colocation data center operator providing managed hosting, virtual computing, business continuity, backup and storage solutions.

Michael A. Seton, Chief Executive Officer and President of the Company, commented, “The Canton Data Center will further strengthen our data center presence in the Midwest and continue to expand our data center portfolio geographic footprint.”

Indianola Healthcare Facilities Portfolio

On September 26, 2018, the Company acquired the Indianola Healthcare Facilities Portfolio in Indianola, Iowa, for a contract purchase price of approximately $13.8 million, excluding acquisition fees and costs.

The Indianola Healthcare Facilities Portfolio consists of two medical office buildings. The first facility is situated on 1.40 acres containing an 18,116, rentable square foot single-story medical office building constructed in 2014 and surface lot parking for 70 spaces. The second facility is situated on 3.26 acres containing a 20,990, rentable square foot single-story medical office building constructed in 2011 and surface lot parking for 170 spaces.

The Indianola Healthcare Facilities Portfolio is located approximately 17 miles south of Des Moines, Iowa and part of the five-county-Des Moines-West Des Moines, Iowa metropolitan statistical area. The two facilities benefit from newer construction in a submarket with limited inventory, and easy north-south highway access that provides convenience for both patients and physicians.

The two healthcare facilities are 100 percent occupied and the major tenants are affiliates of the longest continually operating hospital in Des Moines. Additional patient services include dermatology, orthopedics and sports medicine.

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Mr. Seton added, “We are pleased with this portfolio acquisition as it presents the opportunity to acquire two healthcare facilities with long-term tenants affiliated with a leading hospital system. The Indianola Healthcare Facilities Portfolio exemplifies the type and quality of healthcare properties we seek to acquire.”

About Carter Validus Mission Critical REIT II, Inc.:

Carter Validus Mission Critical REIT II, Inc. is a public, non-traded corporation headquartered in Tampa, Florida that has elected to be taxed, and believes it qualifies, as a real estate investment trust. Carter Validus Mission Critical REIT II, Inc. intends to continue 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 continue to focus its acquisitions on mission critical assets in the data center and healthcare property sectors. See www.cvmissioncriticalreit2.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 Carter Validus Mission Critical REIT II 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. Carter Validus Mission Critical REIT II undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in Carter Validus Mission Critical REIT II’s expectations.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181029005524/en/

CONTACT: Carter Validus

Cindy Etheredge, 813-316-4323

Marketing Director

cetheredge@cvreit.com

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT TELECOMMUNICATIONS REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY

SOURCE: Carter Validus Mission Critical REIT II, Inc.

Copyright Business Wire 2018.

PUB: 10/29/2018 11:04 AM/DISC: 10/29/2018 11:04 AM

http://www.businesswire.com/news/home/20181029005524/en