Leased-Up Data Center Sells for $79M

GAITHERSBURG, MD-A 393,000-sf data center has found a new owner in Wells Real Estate Investment Trust II Inc., now that the one-year-old investment vehicle has taken the property off the hands of Monument Realty in a deal valued at a rumored $79 million. IMB Corp.’s Critical Operations division is the sole occupant of the 100% leased facility.

The multi-million-dollar transaction comes almost exactly one year after Monument acquired the building for $72 million from IBM, which entered into a sale-leaseback agreement with Monument. Wells REIT II relied on representation from Wells Real Estate Funds’ Jeff Gilder and Keith Willby, senior vice president of acquisitions and vice president of acquisitions, respectively. Holliday Fenoglio Fowler LP’s Stephen C. Conley, John E. Duffy and James H. Kraft stood in for Monument on the deal.