North Philadelphia Data Center Sells for $65 Million to Carter Validus
By Veronica Grecu, Associate Editor
Tampa-based Carter Validus Mission Critical REIT, Inc. has purchased a data center located in the Byberry Industrial Park in the Greater North Philadelphia area.
The 121,000-square-foot 6 Sigma Center was acquired from CSX Corporation for $65 million, or $540 a square foot. As reported by the Philadelphia Business Journal, Robert J. Fahey, Patrick Lynch and Michael B. Harrell of CBRE Inc. represented the seller in this transaction.
Built in 1993 to house data center equipment, and built to stringent reliability and security standards that allows the building to withstand potentially extreme weather conditions, the two-story facility sits on a 14-acre site at 2000 Kubach Road. The data center is currently fully leased on a long-term basis to a large investment management company called the Vanguard Group.
“We believe the quality of this tenant, combined with their long remaining lease term and significant capital investment in the property will provide a consistent rental income stream for our portfolio for years to come,” said John Carter, chief executive officer of the company.
Carter Validus’ 6 Sigma Center acquisition comes three months after the company purchased a portfolio of mission critical data center properties in Texas: the Atos Data Center located in Arlington and the InterNAP Data Center in Plano. According to the Web Host Industry Review (theWHIR.com), Carter Validus paid $45.5 million for these two assets in mid-August.
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Image via Google Maps & Carter Validus Mission Critical REIT