REIT Pays $211M for Chicago Data Center

Ascent, a leading provider of comprehensive data center solutions, announced this week that it had sold the Ascent CH2 Data Center Facility in Northlake, Illinois for $211.7 million to Carter Validus Mission Critical REIT, Inc. The 250,000 square foot multi-tenant facility features Ascent's Dynamic Data Center Suite model and colocation suites and was designed for a broad range of customers with diverse computing and power density requirements. As part of the deal, Ascent will continue to work directly with current and future tenants through its operation of the Facility and will manage all data center development, design, construction, engineering and operational services.

"Partnering with CVMC REIT allows Ascent to concentrate on building out our current portfolio of data center facilities and increase strategic investment in the development of future locations," said Phil Horstmann, CEO of Ascent. "CVMC REIT's commitment to the data center space is the perfect complement to our design, construction and operational capabilities, strengthening our ability to provide current and future customers with the innovative solutions and mission-critical services they demand."

"Given this property's desirable location and long term leases with high-quality tenants, we believe that the Chicago Data Center is a great addition to our growing portfolio of mission critical real estate assets. We look forward to our relationship with Ascent, a recognized leader in the data center industry, who will continue to manage and develop the property for CVMC REIT," stated Michael Seton, President of Carter/Validus Advisors, the advisor to CVMC REIT.

For more news and information visit Blumberg Capital Partners.

Cassidy Turley Closes Carter Acquisition

Cassidy Turley announced this week that it had finalized the acquition of the brokerage and property management businesses of Carter. While fincials of the deal were not disclosed, the St. Louis Business Journal notes that Carter has completed transactions valued at $4.6 billion in the past five years and manages 25 million square feet in 11 states on behalf of private, institutional and corporate clients and for its real estate funds.

"Our acquisition of Carter allows us to expand Cassidy Turley's service offerings, including investment sales, finance, tenant representation, project leasing and corporate services, and gives us a significant presence in two major markets, Atlanta and Florida, strengthening our geographic footprint in the Southeast," said Mark Burkhart, CEO, Cassidy Turley. "Our expansion is important, particularly in today's economy, as our clients are rethinking their financial, operational and growth strategies to improve their return on investment and are looking to firms like Cassidy Turley to deliver integrated services, economies of scale and geographic reach."

"This transaction with Cassidy Turley enables us to leverage our property leasing and management services for Class A product across the nation to better serve our clients," said Bob Peterson, Chairman and CEO of Carter. "Cassidy Turley's growth strategy is smart, selective, thoughtful and client-focused – they are one of the few firms today to recognize the level of service quality and sophistication that clients demand."

Peterson and Carter's President, Scott Taylor, will have dual roles providing leadership for both Carter and Cassidy Turley. The transaction adds about 270 new employees and 25 million managed square feet in 11 states to Cassidy's roster.

For more news and information visit Blumberg Capital Partners.

Cassidy Turley to Acquire Carter Property Management Business

Cassidy Turley, the commercial real estate services provider, has entered into an agreement to buy the brokerage and property management business of Carter for an undisclosed amount according to a St. Louis Business Journal article. Carter, founded in 1958 in Atlanta, is a national leader in project development, commercial real estate services and investments with full-service offices in Atlanta and Tampa. Once the acquisition is completed, Carter's Brokerage Services and Property and Facility Management groups will operate as Cassidy Turley.

"Cassidy Turley is delighted to announce our commitment to acquire the brokerage and property management businesses from Carter," said Mark Burkhart, Cassidy Turley CEO. "Carter's thoughtful and client-driven approach is consistent with ours and will provide our clients across the country access to the best advice from an industry leading team in this region. The addition of Carter will allow us to offer our full spectrum of services in two significant markets—Atlanta and Central Florida."

"We are excited about moving forward in the process to join Cassidy Turley. This move will allow us to grow and strengthen our service business by leveraging Cassidy Turley's leading capital markets, leasing, property management and corporate services platforms" said Bob Peterson, Chairman and CEO of Carter. "With Cassidy Turley's national platform and service approach, we can better serve our clients with multi-market needs. In addition, Cassidy Turley's scale and reputation for workplace satisfaction will enable us to offer our professionals additional growth opportunities and a culture that complements Carter's."

For more news and information visit Blumberg Capital Partners.