GREENWICH, Conn.–(BUSINESS WIRE)–June 6, 2022–
StratCap’s institutional data center real estate investment platform (“StratCap” or the “Company”), Strategic Datasphere, LLC (“Datasphere”), has completed the acquisition of a 187,000 square foot facility with a high-density data center, banking operations center and flexible/R&D space in Cleveland, OH. Serving as a central connectivity point between Chicago and New York, Cleveland has seen an influx of interest due to local and regional companies looking to outsource their data center presence. And because Cleveland is an NFL city, it has seen an increase in activity from cloud and edge customers from AWS, Google, Microsoft, and Facebook looking to establish local nodes and zones in those markets.
Cleveland Data Center (Photo: Business Wire)
Located 5 minutes from Cleveland Hopkins International Airport and 15 minutes from downtown Cleveland, this facility boasts robust fiber connectivity from over seven providers. Originally built in 1988 as the National City Bank’s operations and data center, it was expanded in 2008 when a major financial institution acquired the property to create a modern technology campus. This financial institution (a premium tenant) leases approximately 26% of the facility and has approximately 14 years of lease term remaining on its current lease.
As a value-added investment opportunity, the property has approximately 138,500 square feet of space available for rental. There is an 8,000 square foot turnkey data room that can supply 3 MW of critical power at N+1. The data center has a 48-inch raised floor with liquid-cooled racks capable of supporting over 300 watts per square foot. The building also has approximately 59,000 square feet of flexible/R&D space that can likely be repositioned to accommodate additional data center space as well.
“We believe the existing 3MW data center is unique in the local market and will appeal to technology and financial services companies running high-density computing applications. The ability to convert underutilized space into operational data rooms also creates an attractive value-added opportunity for this asset,” said Bryan Marsh, CEO of StratCap’s Data Center Platform. “In addition, the current lease structure provides us with what we believe to be predictable long-term rental income,” commented Mr. Marsh.
The seller, Legacy Investing, LLC, a Virginia-based firm specializing in essential real estate, was represented by Jones, Lang, LaSalle, Inc. Datasphere purchased the property for cash.
StratCap is a private, global alternative investment management platform committed to providing access to dynamic asset classes and highly experienced investment professionals to deliver attractive adjusted returns to its clients. at risk. The company focuses on a wide range of investments in the digital economy, with an emphasis on digital infrastructure, sustainability and technology-driven sectors. For more information, visit http://stratcap.com
About the strategic datasphere
Datasphere is a real estate and data center infrastructure investment platform. Datasphere is focused on acquiring, developing and managing fully and partially stabilized data center facilities in North America and Europe. Datasphere has access to significant committed equity capital that is expected to support over $1.5 billion of potential investments alongside debt financing. Datasphere is led by data center industry veteran, Bryan Marsh, and supported by a seasoned management team with decades of collective data center industry experience. For more information, visit http://strategicdatasphere.com
About Legacy Investing, LLC
Based in Northern Virginia and founded by seasoned leaders of technology companies, Legacy Investing focuses on mission-critical real estate impacted by new technologies: digital and physical supply chains, future workplaces and life sciences. life. Legacy executives have leveraged this platform and their C-level experience in public companies over the past two decades to complete more than $2.75 billion in transactions across 19 million square feet of data, e-commerce distribution centers, modern office buildings and life science facilities. on behalf of selected family offices and institutional investors. Legacy leverages its expertise on the impact of technology on tenant demand, site selection and leasing to target and position properties to meet these needs and create long-term real estate value. For more information, see www.LegacyInvesting.com.
KEYWORD: CONNECTICUT OHIO UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CONSTRUCTION & REAL ESTATE NETWORKS FINANCE DATA MANAGEMENT PROFESSIONAL SERVICES REIT TECHNOLOGY MOBILE/WIRELESS
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PUBLISHED: 06/06/2022 15:16 / DISK: 06/06/2022 15:17