On March 14, 2018, Carter Validus Mission Critical REIT II, Inc. (CV Mission Critical REIT II) acquired the Rancho Cordova Data Center Portfolio for a contract purchase price of approximately $51 million, which excludes acquisition fees and costs.
The Rancho Cordova Data Center Portfolio consists of two single-story facilities:
1. A 69,048 sq ft turnkey colocation data center, situated on 4.34 acres, built in 1982 and renovated in 2008. Surface lot parking provides 129 spaces.
2. A 63,791 sq ft multi-tenant wholesale data center, situated on 4.91 acres, built in 1984 and renovated in 2012. Surface lot parking provides 128 spaces.
The Rancho Cordova Data Center portfolio consists of two Tier III single-story data centers located in Sacramento, California, within 0.2 miles of each other. The portfolio consists of a colocation and wholesale data centers that in total are 82.4% leased. Combined, the data centers have more than 44,800 sq ft of raised floor white space, a total load capacity of 7.0MW, expandable to 8.0MW with an additional substation, and a total critical capacity of 5.4MW.
“We are pleased with our ability to consistently execute on our focused strategy of acquiring high-quality mission critical real estate assets in key markets across the country. We believe that the addition of the Rancho Cordova Data Center portfolio is an accretive transaction which will add to the diversity to our asset base and bring value to our shareholders as we continue to construct of our data center portfolio,” said Michael A. Seton, chief executive officer, CV Mission Critical REIT II.