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Carter Validus Sells Off Data Center Portfolio for $750 Million USD

Jan 2, 2018
by Josh Anderson

ATLANTA, GA –Mapletree Investments Pte Ltd. and Mapletree Industrial Trust have joined forces to form a trust under the name of Mapletree Redwood Data Centre Trust (MRDCT), for the purpose of investing in a data center portfolio acquired from Carter Validus Mission Critical REIT. The trust will remain unlisted and designated as single-purpose. The data center portfolio consists of 14 assets located across nine states largely concentrated in the sun belt and the greater south. The properties in aggregate earned Carter Validus $750 Million USD. Mapletree Investments will maintain a 60% stake in newly formed MRDCT, and Mapletree Industrial Trust will maintain the remaining 40%.

Each of the data centers is located on freeholdland in an established data center market. The exception to the rule is a single parking deck found at 150 Carnegie Way N.W. in Atlanta. The portfolio’s net leasable area (NLA) totals about 2.3 million square feet and are 97% occupied by 15 tenants, including Hewlett-Packard, AT&T, The Vanguard Group, General Electric, Level 3 Communications and Equinix. The properties are listed below, as reported by Commercial Property Executive:

  • N15W24250 Riverwood Drive in Pewaukee, Wis., 42,952 square feet
  • 19675 W. Ten Mile Road in Southfield, Mich., 52,940 square feet
  • 2 Christie Heights in Leonia, N.J., 67,000 square feet
  • 2000 Kubach Road in Philadelphia, Penn., 124,190 square feet
  • 1805 Center Park Drive in Charlotte, N.C., 60,850 square feet
  • 5150 McCrimmon Parkway in Morrisville, N.C., 143,770 square feet
  • 402 Franklin Road in Brentwood, Tenn., 347,515 square feet
  • 180 N.W. Peachtree St. in Atlanta, Ga., 357,411 square feet
  • 1001 Windward Concourse in Alpharetta, Ga., 184,553 square feet
  • 2775 Northwoods Parkway in Norcross, Ga., 32,740 square feet
  • 1221 Coit Road in Plano, Texas, 128,753 square feet
  • 3300 Essex Drive in Richardson, Texas, 20,000 square feet
  • 5000 S. Bowen Road in Arlington, Texas, 90,689 square feet
  • 7337 Trade St. in San Diego, Calif., 499,402 square feet

“We are pleased with the completion of this sale of the portfolio to Mapletree, which we strategically assembled over a period of years through on- and off-market acquisitions, and represents a notable gain for the company,” said President of Carter Validus Mission Critical REIT Michael Seton said in a press release.

“We are pleased to extend our presence in the United States in a sector with strong growth prospects. The target portfolio is anchored by long leases from established tenants, including Fortune Global 500 corporations and NYSE-listed/Nasdaq-listed companies. The growth in data creation and cloud computing will continue to drive the demand for data center space, especially in the United States, leveraging on the highly developed infrastructure and favorable business environment,” added Group CEO of Mapletree Investments Hiew Yoon Khong in a press release of their own.

 

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