StratCap has acquired two data centers and a number of cell towers in the US.
The company, formerly Strategic Capital, this week announced that its wireless infrastructure division, StratCap Wireless, has completed the acquisition of more than $35 million in data centers and cell towers.
In California, StratCap acquired a purpose-built data center in Santa Clara that is 100 percent leased to a ‘top-tier wireless carrier,’ and serves as a network switch facility.
The company also acquired a newly-built data center in St. Louis, Missouri that is 100 percent leased to ‘two high credit quality tenants.’
While the company didn’t provide further details, a StratCap video of the Santa Clara facility shows that it is likely 3205 Bassett Street. Built around 2002, the two-story building spans around 33,250 sq ft (3,100 sqm). A Q1 2023 CBRE report suggests it was bought for $13.3 million.
Likewise, a StratCap video on the St. Louis facility suggests that it is likely TierPoint’s facility at 2315 Millpark Drive in the city’s Maryland Heights suburb. First announced in September 2021 and completed in August 2022, the 23,000 square foot (2,100 sqm), Tier III-quality facility offers 14,500 sq ft (1,350 sqm) of production or raised floor space. World Wide Technology (WWT), a global technology solutions provider with headquarters in St. Louis, has signed on as an anchor tenant of the new facility.
Jim Condon, managing partner at StratCap, said: “Data centers are an integral component of our digital ecosystem. They serve as mission-critical facilities for the tenants that occupy them, and we’re excited to add these dynamic assets to our portfolio.”
StratCap Wireless also closed on several cell towers, located in Tennessee and Massachusetts, whose tenants include the top three US wireless carriers.
Scott Riggs, COO of StratCap Wireless, said: “We’re very excited about our tower business. Not only are we very active on the acquisition front, but our lease-up activities, including 5G upgrades and new tenant additions, have surpassed our initial underwriting expectations helping to bolster overall tower cash flows.”
Todd Rowley, CEO of StratCap Wireless, added: “We have expanded our existing portfolio of cell towers and wireless easements to now include the third leg of the digital infrastructure stool - data center real estate. We’re thrilled at our growth trajectory as we continue building a robust portfolio of digital infrastructure assets and we expect to expand each of our investment verticals as we go forward.”
StratCap has added an additional $35 million credit facility from Sunflower Bank, which it expects to expand over time to help facilitate future acquisitions.
Founded in 2009, Strategic Capital rebranded to StratCap last year. The company has previously invested in data centers through a number of funds and vehicles. In January 2022, StratCap’s Strategic Data Center Fund Manager acquired an Expedient-occupied data center in Denver, Colorado from Chirisa.
2021 saw StratCap set up Strategic Datasphere in September with a plan to spend $1.5 billion on data centers. Last year Datasphere acquired a 3MW data center in Cleveland, Ohio, leased to PNC Bank, and an E*Trade-occupied data center in Georgia.
December 2022 saw StratCap Wireless complete the acquisition of almost $20 million worth of cell towers and wireless easements. In September, StratCap Wireless completed the acquisition of 20 towers around Oklahoma City, Oklahoma, and Wichita, Kansas, for just over $20 million.