Carter Validus Mission Critical REIT, Inc. Exceeds $1 Billion In Investment Assets
The company’s portfolio of mission critical real estate assets includes 3.4 million rentable square feet of space.
Carter Validus Mission Critical REIT, Inc. ("CVMC REIT") announced that it acquired Walnut Hill Medical Center ("Walnut Hill") in Dallas, TX for $99.4 million and Cypress Pointe Surgical Hospital ("Cypress Pointe") in Hammond, LA for approximately $25 million. With these acquisitions, CVMC REIT's portfolio of mission critical real estate assets now exceeds $1.1 billion, consisting of 3.4 million rentable square feet in properties located in 17 states. Below is an overview of the portfolio as of 3/31/2014:
Walnut Hill is a multi-specialty acute care hospital totaling approximately 199,000 square feet, including 84 in-patient beds, 16 ICU beds and six operating rooms. The hospital services include emergency and urgent care, diagnostic imaging, surgery, cardiology, and general acute care. CVMC REIT was instrumental during the development phase of the property by investing in a preferred equity loan to the developer, Medistar Corporation ("Medistar"), in 2012. In conjunction with this loan, CVMC REIT entered into a purchase and sale agreement to acquire the property upon completion.