Tampa-based CV Data Center Growth & Income REIT (“CVDC REIT”) announced the acquisition of a data center property (“St. Louis Data Center”) for a contract purchase price of approximately $3.2 million, excluding acquisition fees and costs. The St. Louis Data Center is situated on approximately 2.5 acres, contains approximately 25,000 rentable square feet and is leased by a wholly-owned subsidiary of a large, investment-grade global telecommunications service provider (“Tenant”).
The St. Louis Data Center is a single-story building that is constructed of concrete block and steel frame with a masonry exterior and is wholly leased to the Tenant. The property has undergone numerous renovations since the Tenant’s original deployment in 1994. Additionally, the Tenant has consistently managed and maintained the critical infrastructure typical of a mission critical data center property.
As part of the acquisition process, the Tenant executed a ten-year lease extension, with several renewal options.
“The acquisition of the St. Louis Data Center is an excellent example of our focus on mission critical data center properties with strong in-place income and critical infrastructure attributes,” said Michael A. Seton, chief executive officer, CV REIT Management.