StratCap’s data centre real estate division, StratCap Data Centres, has announced that it completed the acquisition of a 28,500 square-foot data centre that is fully leased on a triple-net basis located 16 miles south of Milwaukee in Franklin, WI.
The property was constructed in 2008 and is in a growing secondary edge data centre market. The building is currently leased to Expedient, a multi-cloud and managed services provider that operates over 20 data centre locations and helps its clients transition to the cloud.
The data centre sits on 2.64 acres and currently has 1.2MW of critical load which is expandable to 2.4MW by building out existing shell space. There are approximately 15 years remaining on the current lease term, which also includes 2.5% annual rent escalators and three three-year renewal options.
“We were able to diversify our portfolio in an off-market transaction with what we believe is an attractive asset acquired below appraised value, with a high-quality tenant, in a growing data centre market,” stated Bryan Marsh, CEO of StratCap Data Centres.
“We think the relatively predictable rental revenue from the in-place, long-term lease and the continued geographic diversification of our assets will add value to our overall portfolio.”
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