Louay Alsadek and Evan August CBRE San Diego AT&T Data Center 7337 Trade St., Miramar Total consideration: $134.5 million
About the property:
The five-story AT&T Data Center, a 499,402-square-foot facility at 7337 Trade St. in the Miramar submarket of San Diego, was constructed in 1983 on a 16.86-acre lot. The transaction also involved a 10-year leaseback to the seller, subject to renewal options of five years each. The first year's rent is $9.94 million and escalates at approximately 3 percent, annually.
Closing the deal:
Louay Alsadek and Evan August, CBRE San Diego (August is no longer with CBRE); and Kevin Shannon and Todd Tydlaska, CBRE El Segundo, represented the seller, Pacific Bell Telephone Co. in the $134.5 million transaction.
The buyer was DC-7337 Trade Street LLC, with Carter/Validus Operating Partnership LP as its sole member. Carter/Validus Mission Critical REIT Inc., with John E. Carter as its CEO, is the general partner of Carter/Validus Operating.
“We had a lot of interest,” Alsadek said. “(Carter/Validus) focus(es) on buying data centers because there's a pretty good infrastructure in these buildings and these guys understand it, understand the tenants and understand the improvements. This was their third acquisition of an AT&T Data Center in 2013. So it made them being selected as a buyer easy because they've already done other transactions with AT&T and made this easier. Both the Carter/Validus team and the AT&T team and legal departments both knew each other pretty well and we able to get a deal done, timely.”