TAMPA, Fla.--(BUSINESS WIRE)--Carter Validus Mission Critical REIT, Inc. (“CVMC REIT”) announced that it acquired a 60% interest in the Bay Area Regional Medical Center property (the “Property”), a newly constructed acute care hospital in the Houston suburb of Webster, TX. An affiliate of Medistar Corporation, the developer of the Property, retains the remaining 40% interest in the Property. CVMC REIT has committed additional capital for the future build-out of the remaining shelled four floors of the facility, which will likely occur within the next 18 months.
The Property is a nine-story, 373,000-square-foot, full service, general acute care hospital with 104 beds, five operating rooms including a Hybrid OR and a full service emergency department. The Property includes an attached 676 space parking garage. The planned build-out of the remaining floors of the facility would increase the number of beds to approximately 202. Hospital services offered include emergency and urgent care, diagnostics and testing functions such as CT, MRI, nuclear medicine, and EKG EEG Echocardiogram, plus a wide assortment of treatment functions, including chemotherapy, wound care, and cardiac rehabilitation. The Property is currently 100% leased to Bay Area Regional Medical Center, LLC.
“Bay Area Regional Medical Center has been designed and constructed with the fundamental objective of treating patients with the leading technologies in medicine,” said Michael Seton, President and Chief Investment Officer, Carter Validus Advisors, LLC. “This cutting-edge facility is an excellent addition to our portfolio of mission critical real estate assets. We look forward to our continued partnership and joint venture with Medistar in the ownership of this truly remarkable real estate.”
Forward-Looking Statements
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