A subsidiary of Carter Validus Mission Critical REIT, Inc. has acquired 100 percent of the fee simple interest in the Chicago Data Center, a multi-tenant data center facility in Northlake, IL, for $211.7 million plus closing costs.
The seller of the Chicago Data Center is Ascent CH2, LLC.
The property contains 251,141 rentable square feet. Originally constructed in 1964 with renovations completed in 2010, the Chicago Data Center is 59.9 percent leased to four tenants:
Comcast Cable Communications Management, LLC pays $10,644,190 in Annual Base Rent, or $231.02 per square foot, to occupy 46,075 square feet in Suite 100 and Suite 200 of the property. Its lease expires on December 31, 2022.
HSBC Technology & Services (USA) Inc. occupies 40,964 square feet of the property and pays $5,170,032, or $126.21 in Base Rent per Square Foot under a lease that expires in June 2023.
Trans Union, LLC pays $576,000 in annual base rent, or $32.89 in base rent per square foot, to occupy 17,511 square feet of the property. Pursuant to the lease agreement, the tenant is obligated to spend $16.0 million for future improvements to the property by the end of the lease term, which expires in June 2024.
Walgreen Co. pays $1,738,889 in annual base rent, or $37.82 in base rent per square foot, to occupy 45,975 square feet in the building. Pursuant to the lease agreement, the tenant is obligated to spend $31.5 million for future improvements to the property by the end of the lease term, subject to the final credit of $0.7 million. Walgreen’s lease expires in March 2029.
For 2012, the real estate taxes on the Chicago Data Center were approximately $410,963.
In 2010, Ascent secured funding to complete the CH2 project. At the time, Ascent said it would invest $75 million in mission critical equipment to support the development.