Carter Validus Mission Critical REIT II Acquires Silverdale Healthcare Facility
September 28, 2017 | Luke Schmidt | Blue Vault
On August 25, 2017, Carter Validus Mission Critical REIT II, Inc. acquired the Silverdale Healthcare Facility for a $9.6 million contract purchase price. The facility is a two-story, 26,127 rentable square foot, multi-tenant medical office building located in Silverdale, Washington. The property is triple-net leased to five tenants with an approximate weighted average remaining lease term of 9.96 years.
Two anchor tenants, Surgery Center of Silverdale, LLC and Retina Center Northwest, PLLC, account for approximately 67% of the building’s occupied square feet. Subsequent to the acquisition, a fifth tenant, Seattle Children’s Hospital, entered into a lease agreement at the Silverdale Healthcare Facility. As a result, the building is fully occupied and 100% leased.
“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.”
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