Aphorio Carter Fund Management Company, the critical infrastructure and data center division of Carter Funds, has acquired the Tucson Tech Data Center in Tucson, Arizona, for $13 million and is planning to spend $8 million to improve the property.
Tucson Tech Data Center is net leased to TECfusions, a data center development and operations entity and energy-efficient microgrid developer and operator. The acquisition marks the fourth data center purchase for Aphorio Carter, an investment management company focused on acquiring high-growth digital and mission-critical infrastructure, data centers, switch sites, and technology-related real estate throughout the U.S.
A vital element of the Tucson Tech Data Center is its location. It is located 80 miles southeast of Phoenix, AZ, one of the largest data center markets in the United States. In 2023, rental rates in this region have surged by 30 percent, and spaces are reserved up to two years before their availability. The proximity of the Tucson MSA allows operators to leverage the robustness of the Phoenix market, expanding their reach close to what has become a pivotal data center hub.
The Tucson Tech Data Center site includes a data center building on 8+ acres with 133,452 square feet currently consisting of 40,792 raised floors and +/-6.562MW of critical power. Initially built in 1989, with data center phases beginning in 2004, the property has a new 15-year absolute triple net lease with TECfusions.
John Regan, a chief investment officer of Aphorio Carter, said the Tucson Tech Data Center had several features that made it an attractive acquisition target.
"The Tucson Tech Data Center is a fantastic addition to our rapidly expanding portfolio due to its ideal location in the southwest and sustainability measures,” he said. “The property's focus on sustainable data center construction, energy efficiency, and renewable power sources helps lead the industry toward sustainability. The demand for technology, digital storage, data transmission, and added capacity at data centers that support our digital-driven world continues to increase. We are excited about this data center's opportunity and value to our portfolio.”
Tucson Tech Data Center is just one of several data center acquisitions Aphorio Carter has made. Earlier this year, it acquired the Fibertown Data Center in Bryan, Texas for $55 million. Fibertown Data Center is net leased to Fibertown, a data center solutions, high availability colocation, and business continuity office space throughout Texas.
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