SANTA CLARA, CA-The Red Sea Group has re-traded a single-tenant data center here that it picked up 18 months ago. The Los Angeles-based data center investor sold the 21,000-sf building for “north of $11 million,” which is nearly double what it paid for the asset in spring 2006, according to a GlobeSt.com story at that time.

Red Sea Group SVP Mitch Kralis, while declining to comment on the gain, tells GlobeSt.com that significant value was added by extending the lease of the building's sole tenant, Electric Lightwave, which is now owned by Integra Telecom.

Electric Lightwave has nine years remaining on a market-rate lease. When Red Sea Group acquired the asset in March 2006, Electric Lightwave had 3.5 years remaining on its lease and was paying a below-market rent.