TAMPA, Fla.--(BUSINESS WIRE)--Carter Validus Mission Critical REIT II, Inc. (“the Company”), announced today that it recently made two acquisitions consisting of a Silicon Valley data center and a specialty hospital for an aggregate purchase price of $64.47 million.
San Jose Data Center
On June 13, 2018, the Company acquired the San Jose Data Center comprised of enterprise and colocation space located in San Jose, California, for a contract purchase price of $49.15 million, excluding acquisition fees and costs.
Built in 1999 and renovated in 2005, the San Jose Data Center consists of 76,410 rentable square feet situated on 4.22 acres. The facility is 100% leased to a leading telecommunications company with a remaining lease term of 7.22 years. The two-story building is constructed of concrete and steel frame with aluminum and glass accents supported by cooling infrastructure and high efficiency utility and clean-power sources. San Jose is in the heart of Silicon Valley, the second largest data center market in the U.S.
Michael A. Seton, Chief Executive Officer and President of the Company, commented, “This acquisition underscores the expansion of our data center footprint making this our fifth data center acquisition in California, and further expanding our presence in Silicon Valley.”
Oceans Katy Behavioral Health Hospital
On June 8, 2018, the Company acquired the Oceans Katy Behavioral Health Hospital in Katy, Texas, for a contract purchase price of $15.32 million, excluding acquisition fees and costs. Oceans Katy Behavioral Health Hospital is a purpose-built, 34,296 square-foot, single-tenant hospital situated on 4.6 acres. Constructed in 2015 of steel and concrete frame, the building features exterior brick and aluminum accents; with 69 spaces for surface parking. Katy is located approximately 29 miles west of Houston in the fifth largest Metropolitan Statistical Area in the U.S.
The facility is 100% leased to Oceans Behavioral Hospital of Katy, LLC, with a remaining lease term of 11.9 years. Oceans Behavioral Hospital of Katy, LLC provides tailored in-patient and out-patient services addressing the behavioral health needs of older adults and seniors, including mental health education and individual group therapies, psych-evaluations, and medication management.
Mr. Seton added, “As we continue to grow and diversify our data center and healthcare portfolios, the San Jose Data Center and Oceans Katy Behavioral Health Hospital will allow us to leverage our existing management and operating synergies across our data center and healthcare platforms.”
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.