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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

CV REIT Management Completes Acquisition of Hartford Data Center for Approximately $5.2 Million

December 10, 2018 GMT

TAMPA, Fla.--(BUSINESS WIRE)--Dec 10, 2018--CV REIT Management Company, LLC (“CV REIT Management”) announced the acquisition of a data center property (the “Hartford Data Center”) for a contract purchase price of approximately $5.2 million, excluding transaction fees and costs.

The single-story data center property is centrally located on a half-acre in downtown Hartford, Connecticut, and encompasses 19,347 rentable square feet. Constructed of concrete block and steel frame with a glass and masonry exterior, the building includes a display area on the roof for sculptures by local artists as part of Hartford’s downtown arts initiative.

The Hartford Data Center is wholly leased by an entity (the “Tenant”) that is a subsidiary of a large, investment-grade global telecommunications company. The Tenant has made multiple improvements to the infrastructure typical of a data center, including an in-progress renovation. The Tenant executed a 12-year lease extension in January 2018, with an option to renew.

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Michael A. Seton, Chief Executive Officer of CV REIT Management, commented, “The acquisition of Hartford Data Center highlights our team’s ability to consistently source long-term, stable cash flows in the mission critical data center space as we strategically expand our footprint.”

About CV REIT Management Company, LLC

CV REIT Management Company, LLC is a group of companies that engages in the ownership and management of quality income-producing commercial real estate with a focus on data centers.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181210005708/en/

CONTACT: Investor Relations

Miranda Davidson

813.316.4337

mdavidson@cvreit.com

KEYWORD: UNITED STATES NORTH AMERICA CONNECTICUT FLORIDA

INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE

SOURCE: CV REIT Management Company, LLC

Copyright Business Wire 2018.

PUB: 12/10/2018 04:05 PM/DISC: 12/10/2018 04:05 PM

http://www.businesswire.com/news/home/20181210005708/en