Florida REIT Purchases Data Center Building in Tempe

Colliers International in Greater Phoenix has negotiated the sale of a Data Center property in Tempe, Arizona.  Carter Validus Mission Critical REIT II, Inc. of Tampa, FL. purchased the property from El Dorado Holdings, Inc. of Scottsdale, AZ, a real estate investment, planning, and development company on January 26, 2017, for $16,400,000, i.e. $371 per square foot.

 

This mission-critical network intensive data center facility is 44,244 rentable square feet on a 4.2-acre parcel that includes a generous enclosed equipment yard and redundant power feeds. It is located in the heart of Metropolitan Phoenix with convenient access to Interstate 10, State Route 143, State Route 60 and Phoenix Sky Harbor International Airport. This asset has been 100% leased since 1997 to a national provider of wireless voice, messaging, and data services. The enterprise shell data center was built in 1977 and substantially remodeled in 1983, 2008, and 2011.

 

“The investment provides this non-traded real estate investment trust a fully stabilized property with a long-term institutional quality tenant to add to their growing portfolio,” says Mindy Korth, executive vice president with Colliers International in Greater Phoenix. “The property is uniquely positioned adjacent to the ‘fiber highway’ of Greater Phoenix and there are very few options for future development in the surrounding area.”

 

Korth and Kirk Kuller of Colliers International in Greater Phoenix and Luke Denmon of CBRE handled the sale and lease transactions on behalf of the seller, El Dorado Holdings, Inc.

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