Data center campus in Colorado Springs trades for $38.5M
JLL arranged the sale, which marks Novva Data Centers’ expansion into Colorado
DALLAS, August 31, 2021 – JLL Capital Markets announced today that it has closed the $38.5 million sale of a two-building campus comprising a Tier 3+ data center and industrial facility in Colorado Springs, Colorado.
The campus is in a premiere Colorado Springs location surrounded by gold credit neighboring tenancy.Colorado Springs offers some of the most reliable and inexpensive power in the United States. The utility recently completed a new energy vision, which is shifting away from coal and moving toward a heavier concentration of solar energy. This has been a major factor for corporate data centers choosing Colorado Springs as a target market, as customers continue to demand green solutions to help achieve ESG and sustainability goals. According to JLL Research, the global green data center market is expected to grow by nearly $45 billion from 2020 to 2024.
Completed in 2005, the 122,000-square-foot data center building has 6 MW of total designed capacity. The sale included a 13,000-square-foot generator building, a 55,000-square-foot industrial building that could be used for future data center expansion and 17 acres of land directly to the west of the property that could be used for additional development opportunities.
The JLL Data Center team based in Phoenix that represented the seller was led by Senior Managing Director Mark Bauer, Director Carl Beardsley and Analyst Zane Coffman, along with Managing Directors Larry Thiel and Carmon Hicks.
“Data center activity in the capital markets continues to be extremely active,” Beardsley said. “This asset class remains in high demand coming out of 2020. The pandemic has escalated how society is using technology and its dependence on application-based programming, e-commerce and virtual work environments, which is all contributing to an extraordinary demand for more data center space.”
“We are excited for the opportunity for Novva to enter the Colorado Springs market and grow their existing customer base,” Bauer added. “This site offers an ability to use a combination of the existing buildings and infrastructure already on site as well as the excess acreage for future development.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Novva Data Centers
Novva Data Centers purpose-builds data centers for the future across the United States, providing wholesale and multi-tenant colocation infrastructure services both nationally and internationally. Novva’s human centric, sustainable data center solutions are married wih an extensive portfolio of high capacity, scalable data center amenities to provide bespoke turn-key solutions for any size of business. Novva’s flagship campus in West Jordan, Utah, is developed on 100 acres, at over 5,000 feet of elevation on the shoulder of the Wasatch Mountain Range. The campus features 180 MW of capacity, and 1.5 million square feet of data center built over four phases. A state-of-the-art waterless cooling system, renewable energy, drone and robot dog facility monitoring and more provide a one-of-a-kind, modern day data center experience for customers.