TAMPA, Fla.--(BUSINESS WIRE)--Carter Validus Mission Critical REIT II, Inc. (“CV Mission Critical REIT II”), a public, non-traded real estate investment trust focused on assembling a diversified portfolio of net-leased data center and healthcare assets, acquired the Silverdale Healthcare Facility II for a $6.95 million contract purchase price on September 20, 2017.
PROPERTY HIGHLIGHTS:
The Silverdale Healthcare Facility II, built in 2007, is a one-story, fully-occupied medical office building (“MOB”) located in Silverdale, Washington totaling 19,184 rentable square feet. The building, which is triple-net leased to the Franciscan Medical Group with a remaining lease term of 8.78 years at acquisition, is constructed of fireproofed structural steel frames that are reinforced with concrete and wood or composite finishes. The property has 97 parking spaces, 57 surface and 40 partially subterranean in the underbuilding garage.
The Silverdale Healthcare Facility II’s tenant, Franciscan Medical Group, is one of largest physician-led medical groups in the Puget Sound, Washington area and has a network of more than 150 primary and specialty care clinics. At this facility, Franciscan Medical Group offers diagnosis and treatment for degenerative diseases and orthopedic conditions including athletic injuries, work-related injuries, and chronic pain conditions. On-site services include digital X-rays, MRIs, injections for pain relief, physical therapy, and urgent care. Franciscan Medical Group is part of the CHI Franciscan Health system.
“This MOB is a great addition to our portfolio and an investment that aligns very well with our fully net-leased healthcare acquisition strategy. We believe the asset is in great condition and is occupied by a high-quality, creditworthy tenant that benefits from referrals from its large network of affiliated practices and hospitals. We believe this acquisition will translate into added value for our investors,” said John E. Carter, Chief Executive Officer of CV Mission Critical REIT II.
Michael Seton, President of CV Mission Critical REIT II, added, “We are extremely pleased with the quality of CV Mission Critical REIT II’s real estate portfolio to-date and remain optimistic about the outlook of the healthcare real estate market, particularly as it relates to our investment strategy. As we continue to seek opportunities that complement our existing portfolio, we remain focused on adding significant value and delivering on our commitment to investors."
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. Carter Validus Mission Critical REIT II, Inc. 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 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 CV 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. CV 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 CV Mission Critical REIT II’s expectations.
