TAMPA, Fla.--(BUSINESS WIRE)--Carter Validus Mission Critical REIT, Inc. (“CVMC REIT”) announced that it acquired Walnut Hill Medical Center (“Walnut Hill”) in Dallas, TX for $99.4 million. With this acquisition, CVMC REIT’s portfolio of mission critical real estate assets now exceeds $1 billion, consisting of 3.3 million rentable square feet, in properties located in 17 states. Below is an overview of the portfolio as of 2/26/2014:
Total investments increased to $1.06B
- Data Centers: $589.0M
- Healthcare: $479.8M
- Total occupancy is 100%
- Portfolio leverage ratio is 29%
Walnut Hill is a multi-specialty acute care hospital totaling approximately 199,000 square feet, including 84 in-patient beds, 16 ICU beds and 6 operating rooms. The hospital services include emergency and urgent care, diagnostic imaging, surgery, cardiology and general acute care.
CVMC REIT was also instrumental during the development phase of the property by investing in a preferred equity loan to the developer, Medistar Corporation (“Medistar”), in 2012. In conjunction with this loan, CVMC REIT entered into a purchase and sale agreement to acquire the property upon completion.
“We are excited about purchasing this new state-of-the-art hospital, as we believe this hospital truly represents where technology meets healthcare,” said Michael Seton, President and Chief Investment Officer, Carter Validus Advisors, LLC. “Medistar, under the vision and leadership of Monzer Hourani, successfully developed this outstanding hospital where practicing physicians can deliver the highest quality healthcare in a dynamic, rapidly growing market. Medistar has been a wonderful strategic partner for CVMC REIT and we look forward to continuing our partnership.”
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