Data center investment firm, StratCap Data Centers, has just announced its acquisition of a data center property located 16 miles south of Milwaukee in Franklin, Wisconsin.

The data center was constructed in 2008 on a 2.64 acre site and now offers 1.2MW of critical load capacity across 28,500 square feet. The facility is also expandable to 2.4MW by building out existing shell space.

“We were able to diversify our portfolio in an off-market transaction with what we believe is an attractive asset acquired below appraised value, with a high-quality tenant, in a growing data center market,” said Bryan Marsh, CEO of StratCap Data Centers.

“We think the relatively predictable rental revenue from the in-place, long-term lease and the continued geographic diversification of our assets will add value to our overall portfolio.”

The newly acquired Milwaukee data center is fully-leased on a triple-net basis, and serves a secondary edge data center market. The facility is currently leased to Expedient, a multi-cloud and managed services provider. As announced, there is approximately 15 years remaining on the current lease term, which also include 2.5% annual rent escalators and three 3-year renewal options.

This announcement follows StratCap’s recent acquisition of a data center in Jacksonville, Florida. At the time of this transaction, the Jacksonville facility delivers 25,600 square feet of data center space and was fully leased to a major telecommunications carrier and serves as one of the company’s wireless communications switching centers.

In June, StratCap acquired another data center located in Cleveland, Ohio. The property which was originally built in 1988 as National City Bank facility was later expanded in 2008 to create a modern technology campus. The data center currently offers 187,000 square feet with approximately 138,500 square feet of space available to lease. There is also an 8,000 square foot turn-key data hall that can supply 3MW of critical power at the facility.