CV REIT Management Company, LLC (“CV REIT Management”) announced the acquisition of a data center property (the “Hartford Data Center”) for a contract purchase price of approximately $5.2 million, excluding transaction fees and costs.
The single-story data center property is centrally located on a half-acre in downtown Hartford, Connecticut, and encompasses 19,347 rentable square feet. Constructed of concrete block and steel frame with a glass and masonry exterior, the building includes a display area on the roof for sculptures by local artists as part of Hartford’s downtown arts initiative.
The Hartford Data Center is wholly leased by an entity (the “Tenant”) that is a subsidiary of a large, investment-grade global telecommunications company. The Tenant has made multiple improvements to the infrastructure typical of a data center, including an in-progress renovation. The Tenant executed a 12-year lease extension in January 2018, with an option to renew.
Michael A. Seton, chief executive officer of CV REIT Management, commented, “The acquisition of Hartford Data Center highlights our team’s ability to consistently source long-term, stable cash flows in the mission critical data center space as we strategically expand our footprint.”