AFTER SECURING A $25M CREDIT
Strategic Data Center Fund Manager LLC., has just announced the acquisition of a data center facility in Northern Virginia (NoVA) for approximately $8.25 million.
The acquired Reston Data Center property is a tier III facility that features about 21,100 square feet of leasable data center space. The building has been completely leased out to a data center service provider for the delivery of colocation services to the tenant’s existing client base. According to Strategic Data Center, the current tenant has over 10 years of lease term remaining.
“The acquisition of the Reston Data Center highlights our team’s ability to source long-term, stable cash flows in this dynamic sector as we strategically expand our footprint and further diversify our portfolio of data center assets. The Northern Virginia market offers a number of benefits to data center operators and this region is vital to our country’s digital infrastructure,” said Bryan Marsh, Chief Executive Officer of Strategic Data Center.
This Reston facility is over 10 years old, and has been updated and maintained over the years with renovations and upgrades made in 2008, 2015 and 2019. The data center is developed to serve government agencies and major employers in the Eastern United States, it also boasts of ready access to rich fiber connectivity given its location in Fairfax County.
Strategic Data Center is an investment manager and capital partner that focuses on acquiring, developing and managing data center real estate assets for the digital economy, cloud and mobile computing ecosystem.
Few days before the close of this acquisition deal, Strategic Data Center announced it has secured a revolving line of credit that converts into a permanent loan from Sunflower Bank. As announced, the close of the first $25 million of the line of credit was expedited by Sunflower Bank to help facilitate the acquisition of a data center property under the timeline of the seller, which could be the Reston Data Center.