Carter Validus Grows With Medical Portfolio Acquisition
- Jun 17, 2016
Tampa, Fla.–Carter Validus Mission Critical REIT recently completed the acquisition of a medical portfolio for $71 million. The newly purchased portfolio consists of five healthcare facilities that are currently affiliated with national developer and operator Post Acute Medical.
Located in the states of Texas and Louisiana, the properties were all completed at the time of the transaction. The five facilities offer a total of 157,755 rentable square feet, which are currently fully leased out. Comprising four long-term acute care hospitals and one inpatient rehabilitation facility, the PAM portfolio offers its new owner extensive value-add opportunities.
All of the properties are currently under absolute leases with 20-year terms and lacking landlord responsibilities.
According to CVMC REIT CEO John Carter, the deal is “representative of our continuous commitment to increase the value of our portfolio which, in turn, we believe will provide value to stockholders.” Michael Seton, president of CVMC, noted that the properties are “high-quality healthcare assets with long-term leases, reputable tenants, and well-diversified geographical locations.”
The five properties are PAM Specialty Hospital of New Braunfels, PAM Specialty Hospital of Victoria North, PAM Specialty Hospital of Victoria North, PAM Specialty Hospital of Hammond, and PAM Specialty Hospital of Covington.
Image courtesy of Post Acute Medical