Ascent Corp. Sells Northlake Facility, Retains Management Role
In its largest single portfolio acquisition to date, Tampa, FL-based Carter Validus Mission Critical REIT (CVMC REIT) acquired the CH2 Data Center in Northlake, IL from Ascent Corp. for $211.7 million, or approximately $843 per square foot.
The 250,000-square-foot complex is situated on an 18-acre site at 505 N. Railroad Ave. in the West Cook North Industrial submarket, about 18 miles west of downtown Chicago.
CVMC REIT will implement a capital improvement program to continue to build out and expand the facility. Ascent will stay on to work with current and prospective tenants and will manage data center development, design, construction, engineering and operational services.
"Partnering with CVMC REIT allows Ascent to concentrate on building out our current portfolio of data center facilities and increase strategic investment in the development of future locations," said Phil Horstmann, CEO of Ascent. "CVMC REIT’s commitment to the data center space is the perfect complement to our design, construction and operational capabilities, strengthening our ability to provide current and future customers with the innovative solutions and mission-critical services they demand."
Originally developed in 1964 as an industrial facility, the single-story building was converted into a data center in 2010 and today is 59.9% leased to four tenants.
Please see CoStar Comp #3030854 for more information on the transaction.