By Paul Schwedelson – Reporter, Philadelphia Business Journal
A West Coast company looking to increase its Philadelphia presence has acquired a Navy Yard data center for $16.3 million.
El Segundo, California-based investment firm Landmark Dividend purchased the 28,083-square-foot building at 4775 League Island Blvd. from Prologis, which took ownership of the property when it bought Liberty Property Trust in 2020.
The building is fully leased by St. Louis-based information technology company TierPoint.
Karlton Holston, executive vice president of data centers for Landmark Dividend, praised the Navy Yard facility's potential to add capacity and increase the building’s value.
Holston, categorizing electricity as a “constrained commodity,” said the data center “really fits into our portfolio.”
“We like the location, like the underlying tenant and their use of the space as well as the long-term prospects. We see it as an opportunity to continue to invest in the site and possibly bring additional power to that site.”
Landmark Dividend invests in data centers and has ground leases for cell towers and billboards. Since 1985, the firm has completed more than 6,800 transactions totaling more than $4.5 billion. Holston said the data center market is “pretty hot right now” compared to other real estate segments.
Landmark Dividend owns three other properties in Pennsylvania, Holston said, and “would be open” to purchasing more in the Philadelphia region. Holston said the firm has recently looked at other opportunities in the area.
Full story: https://tinyurl.com/mtwy4sbj
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