Greenwich, Connecticut-based investment firm StratCap, through its real estate division StratCap Data Centers, has purchased a 28,500-square-foot data center in Franklin for $9.5 million.
[caption id="attachment_553913" align="alignleft" width="167"] Bryan Marsh[/caption]
The data center, located at 4777 W. Ironwood Drive, was built in 2008. StratCap said it purchased the facility because it is in a growing secondary edge data center market.
The building is currently leased to Expedient, a multi-cloud and managed services provider that operates over 20 data center locations and helps its clients transition to the cloud. The data center sits on a 2.6-acre site and currently has 1.2MW of critical load which is expandable to 2.4MW by building out existing shell space. There is approximately 15 years remaining on the current lease term.
“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.”