Carter Validus Mission Critical REIT, Inc. has announced that it has acquired three additional mission critical data centers and one acute care hospital in the second quarter of 2014. CVMCR acquired these four properties for approximately $304,572,500, bringing the total investment amount in its portfolio to over $1,403,244,000, consisting of 3.9 million rentable sq ft across eighteen states. The recent acquisitions include:
- Milwaukee Data Center, which was acquired for a purchase price of $19,500,000. Located in Hartland, WI, the property measures 59,000 sq ft in net rentable area and is 100% leased to Thomson Reuters U.S. LLC, an affiliate of Thomson Reuters Corporation.
- Charlotte Data Center, which was acquired for a purchase price of $26,400,000. Located in Charlotte, NC, the 60,850-square-foot multi-tenant property was originally built in 1999. It was renovated in 2013 for data center use.
- Miami International Medical Center, which was acquired for a purchase price of $46,972,500. Located in Miami, FL, the property was originally built in 1962 and is currently being redeveloped into a state-of-the-art hospital facility.
- Chicago Data Center, which was acquired for a purchase price of $211,700,000. Located in Chicago, IL, the 250,000-square-foot multi-tenant wholesale and colocation facility is managed by Ascent CH2. This property represents CVMCR's largest single acquisition to date.
CVMCR's investment strategy continues to be focused on acquiring high quality, long-term net leased data center and healthcare properties throughout the United States that are "mission critical" or essential to the successful operations of its tenants.
Portfolio Highlights*:
- Total investments $1,403,244,000
- Weighted average remaining lease term of the portfolio is approximately 12 years
- Average annual rental rate increases of 2.1%
"Each of these investments are consistent with our strategy of buying high quality assets which diversify our holdings by geography and tenancy,” stated Michael Seton, president of Carter Validus Advisors.
"We are pleased with our ability to consistently execute on our focused strategy of acquiring mission critical real estate assets in key markets across the country," said John Carter, CEO of CVMCR.
