CVMC REIT II Buys Seven IMFs, Two Acute-Care Hospitals for $116.5 Million

Carter Validus Mission Critical REIT II, Inc. (CVMC REIT II), a public real estate investment trust (REIT) based in Tampa, Florida, announced Monday that it has acquired two acute care hospitals and seven integrated medical facilities (IMFs) from Healthcare Partners Investments, LLC (HPI) for about $116.5 million.

Together, the nine properties—all of which are 100% occupied and located in the Oklahoma City metropolitan statistical area (MSA)—have about 328,000 of rentable square feet (RSF).

“As we assemble the Carter Validus Mission Critical REIT II portfolio, we seek to continue to add value with the addition of assets,” Michael A. Seton, president of CVMC REIT II, said in a prepared statement. “This portfolio is an ideal acquisition for CVMC REIT II and should complement the overall value of our existing investment portfolio of healthcare and data center real estate.”

The first IMF, located in Oklahoma City, has 41,394 RSF and consists of two one-story buildings bridged by a covered walkway. The IMF offers orthopedics, primary care services, and specialty rehabilitation concentrated on sports medicine and hand injury cases.

The second IMF, also located in Oklahoma City, is one-story IMF with 8,762 RSF. It is currently home to a professional medical practice that offers family medicine and accident care.

The third IMF in Oklahoma City, which houses the administrative offices of HPI, is one story tall with 5,000 RSF.

The fourth IMF in Oklahoma City is two stories tall and has 43,676 RSF. The IMF houses gynecological and orthopedic physician practices.

The fifth IMF in Oklahoma City is one story tall and has 14,676 RSF. This IMF houses physician practices that provide orthopedic spine and hand services, as well as with general family medical care.

CVCM REIT II also purchased a a one-story IMF in Edmond, Oklahoma, with 17,700 RSF. This IMF houses orthopedic, primary care, pain management and gastrointestinal doctor offices.

The last IMF purchased by the REIT is one story tall with 7,424 RSF and located in Newcastle, Oklahoma.

Written by Mary Kate Nelson