TAMPA, Fla.- Carter Validus Mission Critical REIT II, Inc. (“CV Mission Critical REIT II”), a public, non-traded real estate investment trust focused on assembling a portfolio of net-leased data center and healthcare assets, acquired the Silverdale Healthcare Facility for a $9.6 million contract purchase price on August 25, 2017.
The Silverdale Healthcare Facility is a two-story, 26,127 rentable square foot, multi-tenant medical office building located in Silverdale, Washington. Built in 2005, the building is constructed of steel beam frame and concrete slab flooring with concrete block exterior and metal roofing.
Triple-net leased to five tenants with an approximate weighted average remaining lease term of 9.96 years, the facility provides outpatient surgical care across multiple specialties including general surgery, orthopedics, ocular and facial plastic surgery, and ophthalmology.
Two anchor tenants, Surgery Center of Silverdale, LLC and Retina Center Northwest, PLLC, account for approximately 67% of the building’s occupied square feet. Surgery Center of Silverdale, LLC, specializes in general surgery, orthopedics, podiatry, ocular & facial plastic surgery, pain management, and ophthalmology (glaucoma, retina and pediatric sub-specialties). Retina Center Northwest, PLLC specializes in retinal detachment repair, general eye surgery, macular repair, and vitreoretinal surgery.
Subsequent to the acquisition, a fifth tenant, Seattle Children’s Hospital (“Seattle Children’s”), entered into a lease agreement at the Silverdale Healthcare Facility. As a result, the building is fully occupied and 100% leased. Ranked as one of the top children’s hospitals in the country by U.S. News & World Report, Seattle Children’s serves as the pediatric and adolescent academic medical center for Washington, Alaska, Montana and Idaho.
“We are pleased to add this investment to our portfolio and expand our presence to the Northwest United States. We believe the Silverdale Healthcare Facility’s location benefits from its proximity to significant referral sources, a stable economy, favorable demographics, and limited competition in the marketplace,” said John E. Carter, Chief Executive Officer of CV Mission Critical REIT II.
Michael Seton, President of CV Mission Critical REIT II, added, “We continue to see valuable opportunities in the healthcare real estate market and are pleased with the quality of this asset and its tenant mix. We believe this acquisition will add value to our portfolio and will be accretive for our investors.”
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. Carter Validus Mission Critical REIT II, Inc. 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 continue to focus its acquisitions on mission critical assets in the data center and healthcare property sectors. See www.cvmissioncriticalreit2.com for more information.