Carter Validus Mission Critical REIT, Inc. has acquired the 6 Sigma Center data center at 2000 Kubach Rd. in Philadelphia, PA from CSX Corporation for $65 million, or about $537 per square foot.
The two-story, 121,000-square-foot flex property was built in 1993 on 14 acres in the Greater Northeast Industrial submarket. It was designed specifically to house data center equipment and built to stringent reliability and security standards, which allows the building to withstand potentially extreme weather conditions including hurricanes, tornados and earthquakes.
The property was fully leased at the time of sale to a large investment management company. According to John Carter, CEO of Carter Validus, the quality tenant has a long remaining lease term and significant capital investment in the property, which is expected to provide a strong rental income stream to the REIT's portfolio for years to come.
Tampa, FL-based Carter Validus Mission Critical REIT is an investment trust specializing in mission critical real estate assets, which are those properties purpose-built to support essential operations for tenants.
CBRE's Robert Fahey in Philadelphia and Mike Harrell in Jacksonville, FL represented the seller.
Please see CoStar COMPS #2602417 for additional information on this transaction.