Prince William data center sells for $222.5M
Data center sold to affiliate of CloudHQ
Columbia, Maryland-based Corporate Office Properties Trust (COPT) sold DC-6, a data center in Prince William County, for $222.5 million to Cloud Capital, an affiliate company of Washington, D.C.-based CloudHQ, COPT announced Jan. 25.
The data center, which was built in 2009, is located at 9651 Hornbaker Road and has 100,000 square feet in raised floor space.
“We are pleased to transfer DC-6 to the Cloud Capital team, whose extreme professionalism supported a smooth underwriting process and imbues us with confidence that our tenants will be well-served,” COPT President and CEO Stephen E. Budorick said in a statement. “Furthermore, this sale provides our company with cost-effective equity capital to fund our highly successful and value accretive development pipeline, simplifies our corporate profile by removing the only multitenant data center from our portfolio and further concentrates our capital allocation to defense/IT locations.”
A real estate investment trust that owns, manages, leases, develops and acquires office and data center properties, COPT has 1.8 million square feet of development projects, which, as of Sept. 30, 2021, were 94% leased, according to the company.
“We are pleased to have worked with the COPT team on this transaction and are excited to add the DC-6 facility to the Cloud Capital portfolio,” Hossein Fateh, CEO and founder of Cloud Capital, said in a statement. “Northern Virginia is the largest data center market in the world and continues to see high levels of tenant demand. Our highly skilled team, with a proven track record of successfully managing data center investments, will be looking to add value through various asset management initiatives in the short and medium term. In addition, we are actively looking at several interesting acquisition opportunities in the U.S. and internationally which we are excited about.”
Founded in 2020, Cloud Capital is a global investment management firm that has acquired data centers across the world. Washington, D.C. -based CloudHQ has built and leased 2.4 million square feet of data center space in the past five years.