CIM Group and fifteenfortyseven Critical Systems Realty (“1547”) have announced the acquisition of 1 Ramland Road in Orangeburg, New York, an existing 232,000-sq-ft data center, previously owned by an affiliate of 1547. The partially occupied facility currently provides 7MW to tenants across 28,000 sq ft of turn-key data center space and has capacity onsite to deliver an additional 17 MW of power capacity across 132,000 sq ft of space to be developed as turn-key or powered shell data center space and approximately 60,000 sq ft of multi-tenant and private suite business-continuity / disaster-recovery office space. The data center site is also entitled for a private, 50 MW substation and a 230,000 sq ft expansion. fifteenfortyseven Critical Systems Realty (“1547”) acquired and redeveloped the property in 2012 from its previous use as office and light industrial/warehouse.
This transaction is the sixth for the CIM-1547 partnership and the second in less than a month. “With the partnership’s combined resources and the increasing market demand for flexible data center and BC/DR space, this facility is poised to grow substantially in the near term and positions the portfolio to serve tenants in key markets in the Northeast U.S. / Midwest / West Coast,” stated J. Todd Raymond, CEO of 1547.
Existing tenants include wholesale users such as a multinational cable service provider, a national data center services firm and a regional financial institution. The location of the property in Orangeburg is only 22 miles from Manhattan and provides competitive low latency connectivity from over ten network providers to critical New York Metro-area interconnection hubs. Furthermore, the site benefits from competitive Rockland County electricity rates and a full state sales tax abatement on tenants’ IT expenditures, resulting in a compelling overall cost of occupancy for customers.
The CIM and 1547 partnership has also acquired four other data center properties in major urban centers, including Chicago, San Francisco, and Toronto, as well as a stabilized single-tenant property in Cheyenne, Wyoming.
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.