CIM Group Acquires 340 Progress Circle In Cheyenne, Wyoming
Fifteenfortyseven Critical Systems Realty maintains ownership interest alongside CIM.
CIM Groupand fifteenfortyseven Critical Systems Realty(“1547”) has announced the acquisition of 340 Progress Circle in Cheyenne, Wyoming, a build-to-suit single-tenant data center constructed for Green House Data in 2015. The 42,000-sq-ft data center currently provides 2 MW of critical IT load capacity that is being expanded to 3 MW over the next four months to satisfy the growing demand for disaster recovery, cloud, colocation and related managed IT services. 1547 was the managing partner of the ownership company that developed and sold 340 Progress Circle, and joins CIM as a partner in the new ownership.
Cheyenne is an attractive data center location with its high-bandwidth fiber network, tax incentives, low-cost power, and low incidences of natural disasters. The property has access to four diverse fiber paths on a 100 Gbps network offering high-speed connectivity to Denver, and is located approximately 100 miles north of the city. The greater Cheyenne area is home to multiple high-profile data centers, including Microsoft, the National Weather Service’s computing center, and Echostar/Dish’s network and data hub.
“The data center in Cheyenne combines high-quality infrastructure with low-cost power and high-capacity fiber, and continues the partnership’s goal of acquiring and developing premier data center assets in or adjacent to population centers to serve the growing data needs of businesses,” stated J. Todd Raymond, CEO of 1547.
This is the third data center that the CIM and 1547 partnership has acquired. Recently the partnership announced the acquisition of an operating data center in Markham, Ontario, just 20 miles outside of downtown Toronto, Canada. Last summer, the partnership acquired 400 Paul Avenue in San Francisco, a 7.3 acre property planned for a 240,000-sq-ft data center campus located at one of the nation’s most important data center hubs in the San Francisco Bay Area. Two existing buildings on the 400 Paul site totaling approximately 54,000 sq-ft will be used to serve as office and support/secure storage space for the fully-entitled development of a 187,000-sq-ft, two-story, tilt-up construction data center with 24 MW of power capacity from dual power feeds via underground ducts from separate PG&E transformers. Construction of the campus is underway.
The acquisition adds to CIM Group’s growing portfolio of diverse, infrastructure investments that includes renewable energy, urban parking facilities, water supply infrastructure, and waste solutions.