Carter Validus Mission Critical REIT II, Inc. Acquires 89,000-Square-Foot Medical Building for $63.6 Million
TAMPA, Fla.–(BUSINESS WIRE)–Carter Validus Mission Critical REIT II, Inc. (“CVMC REIT II”) announced its acquisition of the Select Medical Rehabilitation Facility for approximately $63.6 million.
Property Features and Highlights
- Three-story rehabilitation building located in Marlton, New Jersey built in 1995
- 89,000 total rentable square feet
- 100% net leased to Kessler Institute for Rehabilitation, Inc. (“Kessler”), a subsidiary of Select Medical Holdings Corporation (“Select Medical”), which is rated B1 by Moody’s Investors Service
- The building is slab-on-grade and steel framed with an exterior insulation and finish system
- Houses services including: inpatient physical, occupational, speech and recreational therapy as well as outpatient aquatic therapy, prosthetic training, lymphedema management, balance rehabilitation, and vestibular therapy
- The tenant was formerly known as Marlton Rehabilitation Hospital and now does business as Kessler Institute for Rehabilitation Marlton.
“We believe the Select Medical Rehabilitation Facility is a great addition to our growing portfolio. The facility benefits from its on-campus location and is directly connected to one of its primary referral sources, Virtua Marlton Hospital. We are pleased to align ourselves with Kessler and Select Medical on this transaction and anticipate it will bring additional value to CVMC REIT II,” said Michael A. Seton, President of CVMC REIT II.
“We are delighted to add another high-quality, long-term net leased asset to our healthcare portfolio,” said John Carter, Chief Executive Officer of CVMC REIT II. “We continue to be enthusiastic about our growing pipeline of accretive assets and the value we believe transactions such as this are adding for 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 focus its acquisitions on mission critical assets in the data center and healthcare sectors. See www.cvmissioncriticalreitii.com for more information.
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 CVMC REIT II 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. CVMC REIT II undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in CVMC REIT II’s expectations.
Stacy Sheedy, 813-316-4292