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JLL arranges $51 million sale of two mission-critical data facilities in Rancho Cordova
SACRAMENTO, Apr. 16, 2018 – JLL's Capital Markets experts have completed the sale of two data centers in the Sacramento suburb of Rancho Cordova on behalf of Digital Realty. The buyer of both properties is Carter Validus Mission Critical REIT II, Inc. ("CVREIT II"), a Tampa, Florida-based real estate investment trust investing in purpose-built, mission-critical data center and healthcare assets. This represents a further expansion of CVREIT II's portfolio in Northern California.
JLL Managing Director Michael Hochanadel, Executive Vice President Raul Saavedra and Vice president Jake Wagner handled the sale on behalf of Digital Realty.
The properties include 11085 Sun Center Drive, a triple net-leased facility totaling 69,048 square feet. The property is fully occupied by a single user. The other facility, at 3065 Gold Camp Drive, is a 63,791-square-foot multi-tenant data center with expansion potential.
Sacramento has seen strong growth in the data center sector in recent years due to lower overall construction and operational costs compared to many other markets. It's far cheaper – and only 90 miles away from - the Bay Area, already one of the largest data center markets in the world. Round trip network latency to and from the Bay Area and Sacramento is less than competing markets such as Reno, Nevada, Phoenix and Las Vegas.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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