Data Center View - February 7, 2025 - STACK acquires shovel-ready site for $302 million

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NEWS ROUNDUP

ACQUISITION: STACK acquires shovel-ready site for $302 million. Stack has acquired a 504-acre shovel-ready site in Stafford County, VA, from The Peterson Companies for $302.3 million. The transaction closed earlier this month. The site was assembled by Peterson over 2023 and 2024 for a total of $32.3 million. In September 2024, Peterson secured entitlements to develop 5.8 million square feet of data centers across 23 buildings and six substations, a project known as the Stafford Technology Campus. Stack Infrastructure plans to adjust these plans to 19 buildings with a capacity of 1.8 gigawatts. Taylor Chess, Senior Managing Director of Development at Peterson, commented, "As our second major data center land development in Stafford County, this milestone highlights our focus on supporting innovative projects that drive local economic growth."

DEVELOPMENT: Edged opens Irving data center. Edged has officially opened its 169,000 SF data center in Irving, TX, focusing on water and energy conservation. The facility, developed from a redeveloped vacant building, is designed to operate efficiently with minimal environmental impact. Bryant Farland, CEO of Edged, emphasized the importance of sustainability in the data center sector, particularly in drought-prone regions like Texas.

DEVELOPMENT: AVAIO to build $5 billion hyperscale data center in Virginia. AVAIO is expanding its data center infrastructure by securing an agreement with the Industrial Development Authority (IDA) of Prince Edward County for the purchase of a 280-acre business and industrial site in Prince Edward County, VA. The site is fully zoned for data centers, with ready fiber access, utility connections, and a secured water supply. AVAIO has already completed preliminary site engineering and is working with Dominion Energy to secure 300MW of power. The planned $5 billion campus in Farmville will house five hyperscale data centers, with the total investment including future tenants’ IT equipment. “AVAIO is excited to advance its partnership with the Industrial Development Authority of Prince Edward County to construct a large-scale data center campus in Farmville, VA” - Kevin Murphy, AVAIO.

FINANCING: Rowan secures $975 million for Maryland data center. Rowan Digital Infrastructure has secured $975 million in construction financing to develop the first phase of its hyperscale data center campus in Frederick County, MD. The financing was led by MUFG Bank. In total, thirteen lenders were involved in this financing round. Kevin Mammel, Rowan's CFO, expressed gratitude for the support from the lenders, emphasizing the importance of strong financial partnerships in delivering sustainable, energy-efficient data centers that meet the demands of hyperscale customers. Charley Daitch, CEO of Rowan Digital Infrastructure, highlighted the company's focus on delivering energy-efficient, sustainable data centers that serve as the foundation of the digital economy and support emerging technologies such as cloud computing and artificial intelligence.

FINANCING: Newmark arranges $2.3 billion in financing. Newmark has arranged $2.3 billion in financing for Project Flash, a build-to-suit two-building data center development in Abilene, TX. Newmark’s Jordan Roeschlaub, Jonathan Firestone, Nick Scribani, John Caraviello, Brent Mayo, Clint Frease, Benjamin Kroll, Henry Fox, Matt O’Grady, Adam Doneger, and Josh King executed the transaction.

READ: 7 data center trends for 2025.

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