Carter Validus Announces New CEO and Acquisition of Two CA Data Centers
by Josh Anderson
SACRAMENTO, CA — Carter Validus Mission Critical REIT announced major news on two fronts late last week and into the weekend – a leadership change as well as an acquisition.
On the transaction side, Carter Validus has acquired a pair of data centers located in Rancho Codova, Sacramento for $51 Million USD. The transaction was brokered in March but only announced recently. One data center is located at 11085 Sun Center Drive, which cost Carter Validus $36.8 Million USD. The other facility is housed at 3065 Gold Camp Drive, and cost only $14.2 Million USD.
Both properties were built in the early 1982 and together they total 132,000 square feet of raised floor space. Carter Validus’ data center portfolio now totals over 11 million square feet. This is the 11th data center acquired by Carter Validus in their recent shopping spree (though they hav also sold well over a dozen other properties).
On the leadership front, Carter Validus, along with their counterparts Carter Validus Mission Critial REIT II, announced a new Chief Executive Officer. Michael A. Seton, formerly President of both REITs, will take the operational reigns for both REITs, replacing John E. Carter who has resigned. Carter will, however, remain on the Board of Directors and serve as Chairman. Seton will also continue to serve as a President of both REITs.
“I am pleased that we will continue to benefit from John’s extensive industry contacts and experience through his role as Chairman of the board of directors of CVREIT and CVREIT II and Executive Chairman of CVREIT’s advisor and CVREIT II’s advisor,” said Seton in a press release. “As the Chief Executive Officer, I will focus on all aspects of the day-to-day management of CVREIT and CVREIT II, which currently have combined assets of approximately $3.4bn. The goal of the management team will be to continue to determine and execute on the courses of action that best align each company for success and deliver the desired returns to our stockholders.”
“I am delighted to turn over the day-to-day management of CVREIT and CVREIT II and their advisors to Michael, who has been an integral part of building the businesses. We have worked together since the inceptions of CVREIT and CVREIT II and as Co-Chief Executive Officers of CVREIT’s advisor and CVREIT II’s advisor since 2015,” added Carter. “I look forward to continuing to serve as Chairman of the board of directors of CVREIT and CVREIT II and assisting the companies in any way possible.”
Seton has been with Carter Validus since 2009, and he boasts over two decades of real estate finance and investment finance experience. Before his appointment as Chief Executive Offer, Seton oversaw investments worth over $4 Billion USD for CV and CVII. Before Carter Validus, he worked for Eurohypo AG for 12 years, where he was Managing Director & Division Head of the Originations Group.