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Data Centers

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Data CentersDevelopmentIndustrialLoansSoutheastTop StoriesVirginia

Newmark Arranges $600M in Construction Financing for Richmond Data Center Project

by Taylor Williams

RICHMOND, VA. — Newmark has arranged $600 million in construction financing for a data center project in Richmond. The borrower and developer is a partnership between local developer PowerHouse Data Centers, New York City-based Blue Owl Real Estate and Chirisa, a firm that invests in digital and telecommunications infrastructure and real estate. The square footage of the development was not announced, but the facility will have a critical capacity of 50 megawatts (MWs).According to recent data, PowerHouse is developing its hyperscale data centers at a ratio of 0.2 MW per square foot, giving the Richmond project an estimated square footage of 250,000 square feet of critical data center space. The project will be a build-to-suit for CoreWeave, a New Jersey-based company that provides cloud-based graphics processing infrastructure. Construction began earlier this year, and operations are expected to begin sometime in 2025. A syndicate of lenders led by European giant Societè Generale provided the debt, which was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Nick Scribani, Ben Kroll, John Caraviello and Brent Mayo. “This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” says Roeschlaub. With more than 30 million square feet of physical …

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Data CentersDevelopmentSoutheastVirginia

Avaio Digital to Develop $3B Data Center Campus in Central Virginia

by John Nelson

APPOMATTOX COUNTY, VA. — Avaio Digital Partners plans to develop a $3 billion data center campus in Central Virginia. The data center developer and operator is an affiliate of Avaio Capital. The firm recently purchased a 452-acre site from the Appomattox County Economic Development Authority that is zoned for data center development. The shovel-ready site is located atop long-haul fiber networks, according to Avaio Digital. The developer has secured 300 megawatts of power from CVEC (Central Virginia Electric Cooperative) and Dominion Energy for the development. Details about the construction timeline were not released.

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Data CentersDevelopmentMidwestOhioTop Stories

Cologix Acquires 154 Acres in Central Ohio, Plans $7B Data Center Campus

by John Nelson

JOHNSTOWN, OHIO — Cologix Inc., a hyperscale data center owner and operator, has purchased 154 acres in Johnstown, a Central Ohio city located about 25 miles northeast of Columbus. The Denver-based company plans to invest $7 billion for the development of a data center campus at the site. Upon completion, Cologix plans to have eight data centers that are “AI-ready” and have the capacity for 800 megawatts (MW) of scalable power. The firm plans to begin construction on the first phase in 2025, with the campus ultimately spanning 2 million square feet of data center space. The new campus will support the region’s advancing digital economy and provide “high-density, ultra-low latency and sustainable infrastructure” for hyperscale clients and enterprises that will tenant these new data centers. Cologix currently operates four data centers in Columbus with a combined footprint of 500,000 square feet and 80MW of power. The company delivered its fourth Columbus data center, a 256,000-square-foot facility dubbed COL4, this past summer. “As the largest provider of colocation and interconnection solutions in Columbus, we are thrilled to deepen our investment in Central Ohio,” says Laura Ortman, CEO of Cologix. “This new campus is more than an expansion — it’s a …

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AcquisitionsData CentersDevelopmentIndustrialSoutheastVirginia

PRP Sells Northern Virginia Data Center Campus to Iron Mountain for $113.5M

by John Nelson

MANASSAS, VA. — PRP has sold Manassas Point, a 40-acre data center development site in Northern Virginia’s Prince William County. Data center developer Iron Mountain Inc. purchased the site, which was assembled by PRP between 2022 and 2023 and zoned for heavy industrial, for $113.5 million. Plans at Manassas Point call for a 1.1 million-square-foot data center campus with a 300-megawatt substation. PRP had previously gotten county approval for a three-story design for the data center property and worked with NOVEC (Northern Virginia Electric Cooperative) and Dominion Power on the utilities for the campus. Manassas Point is situated within close proximity to Iron Mountain’s existing data centers in Prince William County.

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AlabamaData CentersDevelopmentGeorgiaSouth CarolinaSoutheastTop Stories

DC BLOX to Develop 68-Acre Data Center Campus in Metro Atlanta, Three New Data Centers Across Southeast

by John Nelson

ATLANTA — DC BLOX will develop four new data centers in the Southeastern United States. The company is currently underway on its 68-acre Atlanta East campus in Conyers, Ga., roughly 24 miles east of downtown Atlanta. The facility will consist of two buildings with more than 1 million square feet of data center space at full build-out. The campus will initially deliver 10 megawatts (MW) of power for an undisclosed hyperscale client, with an expansion capacity of up to 120 MW for additional clients. Data center power refers to the amount of energy required to operate all the components of the facility, including servers and related IT hardware, as well as the cooling systems. DC BLOX broke ground on the project in September 2024. Delivery is slated for the fourth quarter of 2025. “DC BLOX’s presence in Conyers is a transformative step for our region,” says Kevin Hanna, president of the development authority of Rockdale County through the Conyers Rockdale Economic Development Council. “Their collaboration with local stakeholders and commitment to innovation will be foundational for future tech investments in our community.”  In conjunction with the Atlanta East data center, DC BLOX will build a network of fiber cables around …

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Data CentersDevelopmentIndustrialLeasing ActivityNew JerseyNortheastTop Stories

CoreWeave to Invest $1.2B for New Data Center Facility at NEST Campus in Kenilworth, New Jersey

by John Nelson

KENILWORTH, N.J. — CoreWeave, a data center owner and operator based in Roseland, N.J., plans to invest $1.2 billion into the development of a new data center facility in Kenilworth, roughly 20 miles outside New York City and 35 miles from Princeton, N.J. The facility marks CoreWeave’s first data center in New Jersey, despite the state housing the company’s  corporate headquarters. The company — which trademarks itself as “the AI Hyperscaler” — has signed a full-building industrial lease at 11 NEST, a 280,000-square-foot former lab and manufacturing building within The Northeast Science & Technology (NEST) Center. CoreWeave will convert the industrial building into a new hyperscale data center. “CoreWeave’s commitment to invest over $1 billion at the NEST campus demonstrates New Jersey’s leading role in artificial intelligence (AI), and our innovation strategies are working,” says New Jersey Gov. Phil Murphy. “Through collaboration with utilities, government, investors and real estate developers, we’re committed to attracting businesses that will build an innovation economy for the future.” A partnership between Onyx Equities, Machine Investment Group and Pivot Real Estate Partners owns NEST. The partnership plans to invest $50 million for the new data center project, which will be powered by utility provider PSE&G. A construction timeline was …

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Emerging Trends Report Predicts Rebound in Transaction Volume in 2025 as Capital Markets Are ‘Poised for Recovery’

by John Nelson

LAS VEGAS — At the September meeting of the Federal Open Market Committee (FOMC), the Federal Reserve lowered the federal funds rate by 50 basis points, which is the first easing of monetary policy in four years. This move lowered the short-term interest rate to a target range of 4.75 to 5 percent. Elevated borrowing costs have stifled commercial real estate transaction volumes the past couple years as buyers and sellers found that values were a moving target. Now with a reduction in interest rates, many real estate professionals expect transaction volume to rebound at least moderately. “In 2025, we expect lower interest rates will reduce borrowing costs, aid in price discovery and ultimately encourage an uptick in [commercial real estate] transactions,” said Angela Cain, global CEO of the Urban Land Institute (ULI). Cain’s comments came in a prepared statement to summarize the findings of Emerging Trends in Real Estate 2025, an annual report jointly produced by PwC US and ULI. The report was published in conjunction with ULI’s Fall Meeting, which is taking place this week at Resort World Las Vegas. Cain said that the real estate professionals surveyed for the report relayed that sentiment is improving, though many remain cautious. …

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PACE Appeal Rafi Golberstein
Content PartnerData CentersFeaturesHospitalityLife SciencesLoansMidwestMultifamilyNortheastOfficeSelf-StorageSoutheastTexasWestern

C-PACE Maintains Appeal in Lower Interest Rate Environment

by Sarah Daniels

The Federal Reserve’s decision to begin aggressively hiking the federal funds rate in 2022 threw the commercial real estate market into turmoil. Property investors found it difficult to refinance much cheaper short-term loans that were often used to renovate or develop properties. However, the interest rate spike greatly enhanced the viability of commercial property assessed clean energy (C-PACE) financing, a type of loan that becomes an assessment that borrowers pay along with their tax bill. The program emerged more than a decade ago and generally pays for energy, water and seismic resiliency upgrades in new construction and rehabs, including retroactively. As a result, developers embraced C-PACE as they sought ways to pay down debt to secure new financing or loan extensions and modifications. Now that the Federal Reserve has reversed course with its 50-basis-point federal funds rate reduction in September — and with Wall Street anticipating additional rate cuts before the end of the year — will C-PACE demand start to cool? Don’t count on it, says Rafi Golberstein, founder and CEO of PACE Loan Group, a direct lender of C-PACE financing based in Minneapolis, Minn. From the competitive cost of capital to the continued restraints on bank lending, C-PACE …

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Data CentersDevelopmentIllinoisIndustrialMidwest

CyrusOne Breaks Ground on 446,000 SF Data Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — CyrusOne has broken ground on a two-building data center totaling 446,000 square feet in Aurora. The campus marks CyrusOne’s second in the city, the first of which is a three-building campus that opened in 2016. The new data center is part of the company’s broader investment strategy, selecting Illinois to expand its portfolio, with total capital investments in the state exceeding $1 billion.

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ViVa-Center-Houston
Data CentersIndustrialLoansTexas

Lone Star PACE Provides $40M in C-PACE Financing for Houston Data Center Facility

by Taylor Williams

HOUSTON — Lone Star PACE has provided $40 million in C-PACE financing for a 774,000-square-foot data center facility in Houston. The facility is located within ViVa Center, a 2.3 million-square-foot technology hub that originally housed the headquarters of Compaq Computer and was later acquired by Hewlett-Packard Enterprise. Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Proceeds will be used to install sustainable building components to Phase I of the data center development, including energy-efficient windows, LED lighting, advanced HVAC systems and high-efficiency plumbing upgrades.

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