CVMC REIT Pays $211.7 Million for 250,000-Square-Foot Chicago Data Center
- May 28, 2014
Carter Validus Mission Critical REIT Inc. has acquired the Chicago Data Center Facility in the Northlake suburb of Chicago for $211.7 million. The REIT will provide new capital for the continued build out and expansion of the facility.
“This property represents our largest single portfolio acquisition to date and demonstrates our continuing commitment to the data center space,” says John Carter, CEO of CVMC REIT.
CVMC REIT acquired the data center from Ascent and according to the announced partnership agreement Ascent will continue to manage operations, engineering and construction at the site.
“Partnering with CVMC REIT allows Ascent to concentrate on building out our current portfolio of data center facilities and increase strategic investment in the development of future locations,” says Phil Horstmann, CEO of Ascent. “CVMC REIT’s commitment to the data center space is the perfect complement to our design, construction and operational capabilities, strengthening our ability to provide current and future customers with the innovative solutions and mission-critical services they demand.”
The Chicago Data Center, a 250,000-square-foot multi-tenant facility, features Ascent’s purpose-built Dynamic Data Center SuiteSM model and shared infrastructure colocation suites. The facility has been designed for a wide range of customers with diverse computing and power density requirements, accommodating critical power requirements from less than 1 MW up to 20 MW of gross power.
“Given this property’s desirable location and long term leases with high-quality tenants, we believe that the Chicago Data Center is a great addition to our growing portfolio of mission critical real estate assets,” says Michael Seton, president of Carter/Validus Advisors, the advisor to CVMC REIT. ”We look forward to our relationship with Ascent, a recognized leader in the data center industry, who will continue to manage and develop the property for CVMC REIT.”
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