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Data Centers

Data CentersIndustrialMarket ReportsSoutheastSoutheast Market ReportsVirginia

Richmond Industrial Pipeline Shows No Sign of Slowing Development, Leasing

by John Nelson

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 93 percent in the categories we track (Class A, B select C vacant and investor-owned product with a minimum of 40,000 square feet total). Class A occupancy increased to 96 percent at the end of the second quarter, up from 93 percent at the end of the first quarter. Class B occupancy experienced a slight decrease to 91 percent, down from 92 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 95 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck, and in addition to being the northernmost right to work state on the Eastern seaboard, Virginia has once again been named as the top state for business by CNBC. Business Facilities also ranked Richmond as one of the top locations for corporate headquarters. With 12 Fortune 1000 companies located in the region, Richmond is home to the most Fortune 1000 headquarters compared to …

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Data CentersDevelopmentIndustrialTexas

Rowan Green to Develop $300M Hyperscale Data Center Campus in Temple, Texas

by Taylor Williams

TEMPLE, TEXAS — Rowan Green Data, a data center developer and infrastructure provider with offices in Houston and Portland, will develop a $300 million hyperscale campus in the Central Texas city of Temple. The project will span approximately 135,000 square feet and have a power capacity of about 500 megawatts. In the data center space, the amount of electricity needed to power the servers and cool the equipment is the highest variable cost; as such, the size of data center deals is frequently measured by the consumption of megawatts rather than square footage. All factors being held equal, one megawatt of energy is enough to power 500 or so homes for a full year. The facility, whose hyperscale designation indicates that it will be marketed to large tech companies with heavy cloud-based operations, will be constructed in two phases on a 32-acre site. Construction of the first phase is slated for a summer-2022 delivery, and full completion is scheduled for 2023.

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Data CentersDevelopmentIllinoisIndustrialMidwest

Prime Data Centers to Invest up to $1B to Develop Industrial Campus in Metro Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Prime Data Centers has unveiled plans to build a 750,000-square-foot data center campus in the Chicago suburb of Elk Grove Village. The three-facility project will be one of the largest data center campuses in the O’Hare market, according to the company. Prime Data Centers plans to invest up to $1 billion for the project. A timeline for completion was not provided.

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AcquisitionsCompany NewsData CentersDistrict of ColumbiaIndustrialLife SciencesMarylandOfficeSoutheastTexasTop StoriesVirginia

PRP Sells Four Office Campuses for $1B, Makes $2B Commitment for Logistics and Data Center Acquisitions

by John Nelson

WASHINGTON, D.C. — PRP, a privately held real estate investment and management firm based in Washington, D.C., is making a sea change as it looks to bolster its logistics and data center portfolio and churn its office assets. The company is in the process of selling four office campuses in separate deals totaling more than $1 billion. At the same time, PRP is allocating $2 billion to acquire logistics facilities leased to credit-worthy companies in primary and secondary markets, as well as data centers and land zoned for future data centers. The specific locations of the assets were not disclosed. “The assets that we are acquiring are located in attractive markets backed by solid demographics, high barriers to entry and historically high industrial occupancy rates,” says Joe Neckles, managing director of net lease acquisitions at PRP. “The logistics and data center sectors remained highly resilient throughout the pandemic and continue to grow at rates well in excess of inflation.” The office assets that PRP is selling include Sequoia Plaza, a 370,000-square-foot campus spanning three buildings in Northern Virginia’s Arlington County. The property houses the headquarters of Arlington County’s Department of Human Services and the Arlington County Public School System. An …

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Data CentersIndustrialLife SciencesMarket ReportsNorth CarolinaSoutheastSoutheast Market Reports

Life Sciences Firms Dominate Activity in Raleigh-Durham’s Industrial Market

by John Nelson

It seems as though we have recently seen significant weekly announcements about investment and job creation by major U.S. companies into the Research Triangle Park region, the area situated between the cities of Raleigh and Durham. For instance, tech titans Apple and Google declared plans to establish major engineering hubs in the region, adding heat to an already dynamic market. It is common knowledge that the Triangle area is respected for its large, highly educated workforce thanks to top-ranking colleges and universities, including Duke University, North Carolina State University and University of North Carolina at Chapel Hill. Wake Tech, North Carolina’s largest community college, also serves as a vital engine, providing the region’s workforce with STEM candidates. These institutions supply existing and expanding businesses with an impressive talent pool. Theses factors, along with a business-friendly economic climate, have grown the Research Triangle into one of the nation’s largest research centers. Although local headlines continue to buzz with real estate business news, the Raleigh-Durham industrial market has witnessed steady real estate investments from life sciences and R&D businesses for decades. Over the past 24 months, however, demand for life sciences space has had a dramatic impact on traditional flex/light industrial users …

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Megan Eckart Baird Datacenter Development
BohlerContent PartnerData CentersDevelopmentFeaturesIndustrialMidwestNortheastSoutheastTexasWestern

Data Center Development Download: What Makes a Great Site?

by Sarah Daniels

As more aspects of our lives become digital, the need for data centers is increasing exponentially. COVID fast-tracked the upsurge in data center demand, as businesses worldwide transferred communications and operations to digital platforms — but the need for data centers is permanent. “With an increase in devices needing to connect to each other and the Internet of Things (IOT), the amount of data needed to do this will always be growing, furthering the demand for additional space within data centers,” says Megan Baird, Professional Engineer (PE), a senior project manager at Bohler, a land development consulting and technical design firm. Getting the right space with the right zoning, utilities and market timeline can be a daunting task that requires extensive planning. Baird says three major factors determine whether a site is a prime data center opportunity: utilities, zoning and space. Plus, Baird explains how to get a property to market once the planning is done. [box style=”4″] What’s Available to Help Developers Tax incentives vary by state and locality and can depend on the number of jobs created, equipment used or amount of money invested. Overlay districts are a regulatory tool where jurisdictions specify additional restrictions/allowances in addition to …

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AcquisitionsData CentersNew JerseyNortheastOffice

STRO Cos. Acquires 141,000 SF Office, Data Center in Florham Park, New Jersey

by Taylor Williams

FLORHAM PARK, N.J. — The STRO Cos., a New Jersey-based investment firm, has acquired a 141,000-square-foot office and data center that is situated on a 14.4-acre site in the Northern New Jersey community of Florham Park. The company purchased the asset from Bank of New York Mellon (BNY), which also occupies the building, for an undisclosed price. Jose Cruz, Michael Oliver, Steve Simonelli, Kevin O’Hearn, J.B. Bruno, Jordan Avanzato and Michael Kavanaugh of JLL represented BNY in the transaction. Prudential Bank provided acquisition financing.

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AcquisitionsData CentersFloridaSoutheast

Sila Realty Trust Sells Data Center Portfolio to Mapletree Industrial for $1.3B

by Julia Sanders

TAMPA, FLA. — Tampa-based Sila Realty Trust Inc. has sold 29 data centers across 18 states to Mapletree Industrial Trust, an industrial REIT listed on the Singapore Exchange. The sales price was approximately $1.3 billion. The transaction is expected to be completed in one or more closings during the third quarter of 2021. In total, the data center portfolio spans 3.3 million square feet of net leasable area. The portfolio is 87.8 percent leased to 32 tenants, including Fortune Global 500 and publicly traded companies with investment-grade credit. Only 1.7 percent of the leases are expiring in the next three financial years. Sila’s fiscal year ends on December 31st. About 89.4 percent of the leases in the portfolio have yearly rental escalations in the 1.5 percent to 3 percent range. With this acquisition, Mapletree Industrial Trust will have presence in 13 of the top 15 data center markets. Sila Realty Trust is a public non-traded real estate investment trust.

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NAI Data Center
AcquisitionsContent PartnerData CentersDevelopmentFeaturesIndustrialMidwestNAINortheastSoutheastTexasWestern

From Hype to Hyperscalers: NAI Global Discusses Trends for Data Centers

by Sarah Daniels

Data centers have exploded in importance over the last year and a half. Kevin Goeller, principal, NAI KLNB, has over 21 years of experience in the field of data center development, sales and leasing, but says that, lately, exponential change is driving demand in this asset class. He spoke to REBusinessOnline about the booming need and limiting factors for data centers. REBusiness: Tell us about the sudden, increased demand for data centers. What amount of this demand is due to the pandemic driving people to work from home? What amount of the demand is here to stay? Goeller: Prior to the pandemic, we were already in an upward curve because of the added disciplines of 5G and edge data centers contributing to the already competitive growth of the hyperscalers and multitenant data centers. Data center development didn’t have the interest from institutional investors that it does today; these assets were just starting to get these institutions to chase them as a real estate discipline. Fast forward to the pandemic, which added Zoom, Microsoft Teams and other video conferencing and work-from-home needs. These put additional pressure on an already pressurized discipline, an asset class already trying to adapt and grow. REBusiness: …

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Irvine-Crossing-Irvine-CA
AcquisitionsCaliforniaData CentersIndustrialWestern

CBRE Global Investors Acquires 395,673 SF Logistics Property in Irvine, California

by Amy Works

IRVINE, CALIF. — A fund sponsored by CBRE Global Investors has purchased Irvine Crossing, a mixed-use logistics property in Irvine. Terms of the transaction were not released. The 395,673-square-foot property features a 193,173-square-foot data center with 10 megawatts of critical power located at 17836 Gillette Ave. and a 202,500-square-foot logistics warehouse located at 17871 Von Karman Ave. One of the largest data center operators in the world occupies the data center, while a large e-commerce company occupies the logistics warehouse.

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