Carter Validus Mission Critical REIT Completes Sale of Chicago Data Center
December 14, 2017 | James Sprow | Blue Vault
Carter Validus Mission Critical REIT, Inc. announced Thursday that it sold an approximately 250,000 square foot data center located on approximately nineteen acres of land in the Chicago, Illinois metropolitan, for $315,000,000 to an affiliate of Digital Realty Trust, LP (NYSE: “DLR”). The aggregate net book value of the Chicago Data Center as held on the Company’s balance sheet was approximately $227,329,000 as of September 30, 2017. The Company repaid approximately $105,079,000 in property level debt in conjunction with the sale of the Chicago Data Center.
“We are pleased with the price achieved in connection with selling the Chicago Data Center, which, we believe, represents a significant gain from our initial off-market purchase made in 2014,” stated Michael A. Seton, President of the Company. “By investing additional capital, actively managing the asset and capitalizing on the growing data center market, we were able to deliver significant shareholder value with the sale of this asset,” Mr. Seton added.
“The sale of the Chicago Data Center represents a strong initial step as we consider all avenues of liquidity for our shareholders and seek to maximize value for their investment in the Company,” stated John E. Carter, Chief Executive Officer of the Company.
Carter Validus Mission Critical REIT, Inc. is a real estate investment trust that invests in mission critical real estate assets located throughout the United States. Mission critical real estate assets are purpose-built facilities designed to support the most essential operations of tenants. Carter Validus Mission Critical REIT, Inc. focuses its acquisitions on mission critical assets in the data center and healthcare sectors.
As of September 30, the REIT had 84 properties comprised of 95 buildings with 6,222,000 gross rental square feet of commercial space, which was 94% leased. The aggregate purchase price of the properties was $2,189,062,000. The REIT has been paying a distribution equal to 7.00% annualized based on the initial offering price of $10.00 per share. The most recent net asset value per share was $10.02 as of September 30, 2016.
The REIT raised $1,716.0 million (including DRIP proceeds during the offering) in its initial public offering which closed on June 6, 2014.
Learn more about Carter Validus on the Blue Vault Sponsor Focus page.
Carter Validus Mission Critical REIT, Inc. Announces Definitive Agreement to Sell Chicago Data Center for Approximately $315,000,000 and a Definitive Agreement to Sell a 14-Property Data Center Portfolio for Approximately $750,000,000
Blue Vault has been an important partner to Geneos in providing us and our advisors pertinent information about non-traded products and the industry as a whole. The annual BD Summit is a valuable due diligence experience for any broker dealer."