Velocis Acquired Communications Hub in Charlotte for $10M
- Aug 18, 2015
Private equity real estate company Velocis acquired a telecom carrier hotel and data center located on 701 E. Trade St. Company’s latest acquisition is the second asset purchased in North Carolina after medical office complex, Sunset I & II.
The two-story building constructed in 1968 was sold to the Dallas-based company for $10 million and is currently 80 percent leased. The building has 26,036 square feet and it offers expansion opportunities. Lincoln Harris is in charge of leasing and managing the center.
“Velocis capitalized on a unique opportunity to secure this property for its important location at the cross roads of Charlotte’s colocation and connectivity network,” mentioned Jim Yoder, Velocis principal. “The asset’s status as a prime fiber optic hub combined with the abundant power and security the building offers tenants, creates a significant untapped opportunity.”
Significant long-haul fiber routes originate from all directions through the building and it draws a wide array of telecommunications and colocation data center users. The property is ideally located close to multiple data centers and telecommunication companies including the area’s main AT&T switch.
Alexander Street Investors LLC, property’s former owner, acquired the building back in 1998 for the amount of $2.9 million.