Carter Validus Expands Operations with Three New Acquisitions

By Alex Girda

Las Vegas, Somerset, N.J., and Oklahoma City—Tampa, Fla.-based public, non-traded company Carter Validus Mission Critical REIT II recently announced the completion of three acquisitions with an aggregate price of roughly $56.3 million. The deals included a land parcel that will house a new hospital that will be financed by the REIT, a data center, and a specialty hospital.

Carter Validus completed the acquisition of 100 percent interest in a plot of land where it will develop the Post Acute Las Vegas Rehabilitation Hospital. The REIT paid $2.6 million for the Las Vegas parcel and will invest roughly $24 million for the development of a new 56,220-square-foot medical facility. PAM Squared at Las Vegas will be the sole tenant of the two-story, 44-bed rehabilitation center. The tenant, a subsidiary of PAM Squared, will take over the facility upon its completion, and will hold it on a 20-year lease.

Lakeside Women’s Hospital

The company finalized the purchase of the Integris Lakeside Women’s Hospital in Oklahoma City for $19.8 million. Totaling 62,857 square feet of space, the two-story building holds 23 beds and provides a range of services including obstetric, gynecological, labor and delivery, mammography, and bone density testing. The 19-year-old hospital was last renovated in 2008 and is currently fully leased to Lakeside Women’s Hospital on a triple-net basis.

Carter Validus also purchased the Somerset Data Center in Somerset, N.J., for a total of $12.4 million. The two-story facility is located on a 2.9-acre parcel and is triple-net leased to Datapipe for a 12-year term. Offering 36,114 square feet of space, the data center went through an extensive renovation in 2006, while improvements including a new roof, new stucco exterior insulation, a new break room, and new bathrooms were added last year.

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