Carter Validus Mission Critical REIT, Inc. (the “Company”) announced
today that it sold two data center properties for $85.0 million.
Milwaukee Data Center Sale
On June 11, 2018, the Company sold the Milwaukee Data Center to Landmark
Infrastructure Operating Company, LLC, a Delaware limited liability
company, for $21.0 million. The facility is a purpose-built,
mission-critical data center located in Hartland, Wisconsin,
approximately 30 miles from Milwaukee. The Milwaukee Data Center is
situated on 7.98 acres, and consists of 59,516 square feet. The
aggregate net book value of the Milwaukee Data Center, including
intangible assets and liabilities recorded upon acquisition of the
property and straight-line rent receivable, was approximately $17.4
million as of March 31, 2018.
Alpharetta Data Center II Sale
On June 15, 2018, the Company sold the Alpharetta Data Center II to
Alpharetta DC, LLC, a Delaware limited liability company, for $64.0
million. The facility consists of 165,000 square feet, including 50,440
square feet of powered-shell enterprise data center space, 54,814 square
feet of office and administration space and 59,746 square feet of
supporting infrastructure space, and is situated on 14.40 acres in
Alpharetta, Georgia, a northern suburb of Atlanta. The aggregate net
book value of the Alpharetta Data Center II, including straight-line
rent receivable, was approximately $55.1 million as of March 31, 2018.
“Consistent with our strategy of pursuing liquidity for our data center
assets, we have successfully monetized two of our three remaining data
center properties,” stated Michael A. Seton, Chief Executive Officer and
President of the Company. “Our board of directors is actively evaluating
how to best deploy the proceeds from these transactions, after any
required paydown of the Company’s debt obligations, including, but not
limited to, further reducing the leverage of the Company and possibly
paying a special distribution to our stockholders,” Mr. Seton added.
Remaining Data Center Property
The Company owns one data center property, the Andover Data Center,
which is currently under contract to be sold and is anticipated to close
in the third quarter of this year; however, the certainty of sale, or
any other outcome, is not assured.
About Carter Validus Mission Critical REIT, Inc.
Carter Validus Mission Critical REIT, Inc. is a real estate investment
trust that invests in mission critical real estate assets located
throughout the United States. Mission critical real estate assets are
purpose-built facilities designed to support the most essential
operations of tenants.
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 the
Company 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. The Company undertakes no obligation to update any
forward-looking statement contained herein to conform the statement to
actual results or changes in the Company’s expectations.
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