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Carter Validus Mission Critical REIT II, Inc. Acquires $116.5 Million Healthcare Portfolio

August 9, 2016

 

 


Carter Validus Mission Critical REIT II, Inc. Acquires $116.5 Million Healthcare Portfolio

HPI - Evening 2 001-Pano

TAMPA, Fla.–(BUSINESS WIRE)–Carter Validus Mission Critical REIT II, Inc. (“CVMC REIT II”) acquired the HPI Portfolio, which is comprised of nine properties: two acute care hospitals and seven integrated medical facilities (“IMFs”).

All of the properties in the HPI Portfolio are affiliated with Healthcare Partners Investments, LLC (“HPI”). HPI and its member physicians own and operate hospitals, outpatient therapy and imaging centers, and dozens of clinics across the Oklahoma City, Oklahoma metropolitan statistical area (“MSA”).

Portfolio Details:

  • Number of Properties: 9
  • Total Rentable Square Feet (“RSF”): Approximately 328,000
  • Average Lease Yield: 7.19%
  • Aggregate Purchase Price: Approximately $116.5 million
  • Occupancy: 100%
  • Location: Oklahoma City, Oklahoma MSA
  • Tenant lease terms range between 10-15 years

Property Details:

  1. HPI – Oklahoma City I is a one-story, 31-bed acute care hospital totaling 86,729 RSF that offers orthopedic, neurological and general surgery services as well as eye, ear/nose/throat, urological, and gynecological procedures.
  2. HPI – Oklahoma City II is an IMF totaling 41,394 RSF with two one-story buildings connected by a covered walkway. This IMF offers primary care services, orthopedics, and specialty rehabilitation focused on sports medicine and hand injury cases.
  3. HPI – Oklahoma City III is a one-story IMF totaling 8,762 RSF located on the HPI – Oklahoma City I campus and houses a professional medical practice that provides family medicine and accident care.
  4. HPI – Oklahoma City IV is a one-story IMF totaling 5,000 RSF and houses the administrative offices of HPI.
  5. HPI – Oklahoma City V is a two-story IMF totaling 43,676 RSF located on the HPI – Oklahoma City I campus and provides orthopedic and gynecological physician practices.
  6. HPI – Oklahoma City VI is a one-story IMF totaling 14,676 RSF and houses physician practices that provide orthopedic spine and hand services along with general family medical care.
  7. HPI – Oklahoma City VII is a newly constructed, two-story, 14-bed acute care hospital totaling 102,978 RSF. The hospital provides inpatient and outpatient surgery and imaging with MRI, CT, x-ray, fluoroscopy, and ultrasound services. Additionally, this location also houses orthopedic, gynecology and cardiology physician offices.
  8. HPI – Edmond is a one-story IMF totaling 17,700 RSF housing primary care, orthopedic, pain management and gastrointestinal physician offices.
  9. HPI – Newcastle is a one-story IMF totaling 7,424 RSF which houses several physicians’ practices.

“As we assemble the Carter Validus Mission Critical REIT II portfolio, we seek to continue to add value with the addition of assets. This portfolio is an ideal acquisition for CVMC REIT II and should complement the overall value of our existing investment portfolio of healthcare and data center real estate,” said Michael A. Seton, President of CVMC REIT II.

“This 100% occupied portfolio of healthcare assets with long-term leases and high-quality tenants demonstrates our commitment to building a strong and diversified portfolio that we believe will create value for stockholders,” said John E. Carter, Chairman and Chief Executive Officer of CVMC REIT II.

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. The Company 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 focus its acquisitions on mission critical assets in the data center and healthcare sectors. See www.cvmissioncriticalreitii.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 the Company 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. The Company undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in the Company’s expectations.

Contacts

Carter Validus
Stacy Sheedy, 813-316-4292
Marketing Manager
ssheedy@cvreit.com

CARTER VALIDUS

Release Summary

Carter Validus Mission Critical REIT II, Inc. Acquires $116.5 Million Healthcare Portfolio

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Derek Hayes
Blue Vault's Services
April 14, 2016

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