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 two data center properties on September 28, 2017 and September 29, 2017 for an aggregate $34.4 million contract purchase price, which excludes closing costs and related fees.
PROPERTY HIGHLIGHTS:
King of Prussia Data Center
Situated on 3.73 acres with a 63-space surface parking lot, the King of Prussia Data Center is a 100% leased, one-story, 50,000-square-foot building built in 1960 and repurposed as an enterprise data center in 1997. The building is concrete block with steel frame construction with a concrete and brick exterior. CV Mission Critical REIT II acquired the King of Prussia Data Center on September 28, 2017, for a contract purchase price of $19.2 million, which excludes closing costs and related fees.
In conjunction with this acquisition, and in accordance with CV Mission Critical REIT II’s leverage strategy, on September 28, 2017, CV Mission Critical REIT II entered into a $12,545,000 loan with Israel Discount Bank of New York.
Tempe Data Center II
The Tempe Data Center II is a single-story, 58,560-square-foot colocation data center purpose-built in 1998 and situated on 10.98 acres. The building features poured-in place concrete construction with concrete columns and beams surrounded by a stone and glass veneer. The surface lot parking provides 148 spaces. CV Mission Critical REIT II acquired the Tempe Data Center II on September 29, 2017, for a contract purchase price of $15.2 million, which excludes closing costs and related fees.
“We believe these data centers are great additions to our portfolio and align very well with our strategy. We believe both data centers are in great condition, are 100% occupied by high-quality, creditworthy tenants and will be accretive 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 data center 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.
