Carter Validus REIT Management have acquired a data centre property, the ‘Hartford Data Center’, for a contract purchase price of approximately $5.2m, which excludes transaction fees and costs.
The single-story data centre property acquired by the REIT is centrally located on a half-acre in downtown Hartford, Connecticut, a southern state in the New England region in the US, and encompasses 19,347 rentable sq ft.
It has been built from concrete block and has a steel frame with a glass and masonry exterior, and the building includes a display area on the roof for sculptures by local artists as part of Hartford’s downtown arts initiative.
The Hartford Data Center is wholly leased by an entity (the Tenant) that is a subsidiary of a large, investment-grade global telecommunications company.
The name of the tenant is yet to be disclosed for now, but it has already made multiple improvements to the infrastructure typical of a data centre, including an in-progress renovation, and has executed a 12 year lease extension in January 2018, with an option to renew.
Michael A. Seton, Chief Executive Officer of Carter Validus REIT Management said: “The acquisition of Hartford Data Center highlights our team’s ability to consistently source long-term, stable cash flows in the mission critical data centre space as we strategically expand our footprint.”
Previously, the REIT sold its Andover data centre in Boston to an unaffiliated company for $15m, reports GlobeSt.com. Andover is around 25 miles north of Boston and encompasses about 92,700 rentable sq ft. It had an aggregate net book value of around $10.6m as of 30 June 2018.
Prior to that, Carter Validus sold two additional data centres for a combined amount of $85m as IT infrastructure real estate increases in value to investors. The company sold the Milwaukee data centre to Landmark Infrastructure Operating Company, LLC, a Delaware limited liability company, for $21m.
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Source: Data Economy