CIM Group announced today that it has sold a portfolio of four data centers in Illinois, New York, and Wyoming to a joint venture between Harrison Street Real Estate Capital, LLC and fifteenfortyseven Critical Systems Realty ("1547").
Located in Chicago, Illinois; Orangeburg, New York; and Cheyenne, Wyoming, the portfolio assets comprise more than 560,000 square feet of well-located data center space offering abundant fiber connectivity in leading data center markets in the U.S.
"Under CIM Group's ownership, this portfolio has become stabilized and has substantially increased in value. These assets benefited from CIM's sourcing, in-house operational expertise, and the team's focused management and ability to assess and implement property modifications and additions," said Avi Shemesh, Co-Founder and Principal, CIM Group.
1547 previously served as CIM's joint venture partner in the portfolio. CIM continues to own and operate data center properties in San Francisco, California and Toronto, Ontario in partnership with 1547. In addition, in 2020 CIM Group made a major commitment to Novva to share in its development of a 1.5-million-square-foot data center campus in Utah and other campuses.
725 S. Wells St. is a 60,000-square-foot, 5 MW data center in Chicago's business district that is positioned atop the city's "Fiber Ring," providing tenants access to more than 15 different fiber carriers. The nine-story facility features data center and office space.
Midway Technology Centre at 40 E. Garfield Blvd. is a 230,000-square-foot, 26 MW data center campus in a fiber-rich area adjacent to multiple fiber-optic paths for metro Chicago. Located in the Washington Park neighborhood just five miles from The Loop, the Centre features data center and office space on 4.69 acres.
Both 725 S. Wells St. and Midway Technology Centre provide connectivity into 350 E. Cermak, which is among the most interconnected data centers in the central U.S.
Orangeburg, New York
1 Ramland Rd. is a 232,000-square-foot, 24 MW data center located only 18 miles from Manhattan that provides competitive low latency connectivity to New York and New Jersey markets. The property features data center and office space on a 23-acre site.
340 Progress Circle in Cheyenne is a 38,000-square-foot, 5 MW single-tenant data center with access to four diverse fiber paths on a 100 Gbps network offering high-speed connectivity to Denver and is located approximately 90 miles north of the city. The one-story facility features data center and office space on a 20-acre site.
Data centers continue to be a significant part of CIM Group's infrastructure portfolio and the company is actively seeking new data center acquisitions, particularly value-add opportunities.
In addition to communications infrastructure, such as data centers, CIM Group's growing portfolio of diverse infrastructure assets include renewable energy, digital infrastructure, transportation, and water and waste management that support metropolitan communities in North America. For more than 25 years, CIM Group has utilized its broad expertise to own, develop, reposition, and operate real estate assets, transforming communities and creating dynamic environments throughout the Americas.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM's diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com.