Carter Validus Mission Critical REIT has acquired a fully-leased data center in Norcross, Georgia, for $5.3 million, providing it with a second facility in the Atlanta market. Last year Carter Validus bought 180 Peachtree, a large multi-tenant facility in downtown Atlanta.
The Northwoods Data Center is a 33,000 square foot facility located about 20 miles from Atlanta. The property is 100 property is leased through 2025 to "a colocation tenant that operates in ten separate markets and runs a total of twenty-one data centers." Due to growing demand for virtualization, managed hosting and cloud based services, this tenant has commenced on its third upgrade to the property, which includes increasing power capacity, significantly expanding the raised floor area and updating heating, ventilation and air conditioning units.
While Carter Validus did not identify the tenant, the description fits Peak 10, which leased a facility in Norcross in 2007.
Carter Validus is focused on two sectors, data center and healthcare, citing societal trends that it believes will boost demand for data storage and outpatient healthcare.
"We believe this property is well located within the greater Atlanta area," says John Carter, CEO of Carter Validus Mission Critical REIT, Inc. "Given its desirable location and well-established, long-term tenant, the Northwoods Data Center is a great addition to our growing portfolio of mission critical real estate."