TAMPA, Fla.--(BUSINESS WIRE)--On March 14, 2018, 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 Rancho Cordova Data Center Portfolio for a contract purchase price of approximately $51 million, which excludes acquisition fees and costs.
The Rancho Cordova Data Center Portfolio consists of two single-story facilities:
1. A 69,048 square foot turnkey colocation data center, situated on 4.34 acres, built in 1982 and renovated in 2008. Surface lot parking provides 129 spaces.
2. A 63,791 square foot multi-tenant wholesale data center, situated on 4.91 acres, built in 1984 and renovated in 2012. Surface lot parking provides 128 spaces.
The Rancho Cordova Data Center portfolio consists of two Tier III single-story data centers located in Sacramento, California, within 0.2 miles of each other. The portfolio consists of a colocation and wholesale data centers that in total are 82.4% leased. Combined, the data centers have more than 44,800 square feet of raised floor white space, a total load capacity of 7.0MW, expandable to 8.0MW with an additional substation, and a total critical capacity of 5.4MW.
Michael A. Seton, Chief Executive Officer of CV Mission Critical REIT II, commented, “We are pleased with our ability to consistently execute on our focused strategy of acquiring high-quality mission critical real estate assets in key markets across the country. We believe that the addition of the Rancho Cordova Data Center portfolio is an accretive transaction which will add to the diversity to our asset base and bring value to our shareholders as we continue to construct of our data center portfolio.”
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.
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.