Carter Validus Mission Critical REIT Selling Data Center Properties for Over $1.0 Billion

October 25, 2017 | James Sprow | Blue Vault

Carter Validus Mission Critical REIT Inc., a publicly registered nontraded real estate investment trust, has agreed to sell 15 data center properties in two separate transactions for a total of approximately $1.065 billion.

On October 23, 2017 a wholly-owned subsidiary of Carter/Validus Operating Partnership, LP, the operating partnership of Carter Validus Mission Critical REIT, Inc., entered into a Purchase and Sale Agreement with Digital Northlake, LLC, for the sale of a 251,141 square foot data center located in the Chicago, Illinois metropolitan area. The buyer is an affiliate of Digital Realty Trust, LP (NYSE: “DLR”). The sale price for the Chicago Data Center is approximately $315 million. The Company currently anticipates that the consummation of the sale of the Chicago Data Center will occur in the fourth quarter of 2017. The Chicago Data Center was purchased in 2014 for $215.9 million.

On October 24, 2017 the Company entered into a Purchase and Sale Agreement with various special purpose entities of an affiliate of Mapletree Investments Pte Ltd, a Singapore headquartered real estate investment company and Mapletree Industrial Trust, a Singapore Exchange listed real estate investment trust, which are unaffiliated with the Company, for the sale of a 14-property data center portfolio. The gross sale price for the portfolio is approximately $750 million. The Company currently anticipates that the consummation of the sale of the portfolio will occur in the fourth quarter of 2017.

Carter Validus Mission Critical REIT invests in net leased data center and healthcare assets and had a portfolio of 84 properties as of June 30, 2017. Included in the portfolio were 64 healthcare properties with 2.8 million square feet of leasable area and 20 data center properties with combined leasable area of 3.4 million square feet. The REIT’s Q2 2017 balance sheet showed $1.994 billion in net property investment. With the sale of the 15 data center properties, the REIT will have just five data center properties in its portfolio. 

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Carter Validus Mission Critical REIT, Inc. Announces Definitive Agreement to Sell Chicago Data Center for Approximately $315,000,000 and a Definitive Agreement to Sell a 14-Property Data Center Portfolio for Approximately $750,000,000

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