StratCap’s data centre real estate division, StratCap Data Centers, has completed the acquisition of a 28,500 square foot data centre that is fully-leased on a triple-net basis.
The property was constructed in 2008 and is located in a growing secondary edge data centre market. The building is currently leased to Expedient, a multi-cloud and managed services provider that operates over 20 data centre locations and helps its clients transition to the cloud. Sitting on 2.64 acres, the data centre currently has 1.2MW of critical load which is expandable to 2.4MW by building out existing shell space.
There are approximately 15 years remaining on the current lease term, which also include 2.5% annual rent escalators and three 3-year renewal options.
“We were able to diversify our portfolio in an off-market transaction with what we believe is an attractive asset acquired below appraised value, with a high-quality tenant, in a growing data centre market. We think the relatively predictable rental revenue from the in-place, long-term lease and the continued geographic diversification of our assets will add value to our overall portfolio,” said Bryan Marsh, CEO of StratCap Data Centers.
Investing into data centres
Founded in 2009, Strategic Capital rebranded to StratCap earlier this year. The company has previously invested in data centres through a number of funds and vehicles.
The company is a privately held, global alternative investment management platform is focused on a wide range of digital economy investments with an emphasis on digital infrastructure, sustainability, and technology-centric sectors. In January, StratCap’s Strategic Data Center Fund Manager acquired an Expedient-occupied data centre in Denver, Colorado from Chirisa.
It also recently acquired a data centre in Jacksonville, Florida, the existing lease for the property commenced in 2002, and it was recently extended to 2038. Last year StratCap set up Strategic Datasphere in September with a plan to spend US$1.5bn on data centres. Datasphere recently acquired a 3MW data centre in Cleveland, Ohio, leased to PNC Bank, having bought an E*Trade-occupied data centre in Georgia earlier this year.
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