DigiCo Infrastructure REIT Buys Pair of Data Centers for $248M
Like a good tenant, State Farm is there.
By Andrew Coen January 15, 2025 2:41 pm
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The recent surge in data center demand is still evident in early 2025.
DigiCo Infrastructure REIT acquired a pair of data centers 100 percent leased to insurance company State Farm in Texas and Kansas for $248 million, Commercial Observer has learned.
The properties, sold by the entity JDM III AZ LLC, account for 20,000 square feet of space at 1402 East Lookout Drive in Richardson, Texas, and 24400 West Valley Parkway in Olathe, Kan.
Newark arranged the transaction with a data center capital markets team led by Brent Mayo, Joshua King and Matt O’Grady in conjunction with Barry Gabel, Chris Marchildon, CJ Osbrink and Gary Cornish, sources told CO. Newmark (NMRK) did not immediately return a request for comment.
DigiCo, a digital infrastructure real estate investment trust (REIT), has targeted data center acquisitions in the U.S and Australia since it was launched late last year by Australian asset manager HMC Capital. The two properties the REIT just acquired have long-term leases with State Farm that run until 2031 with extension options, according to sources
The Richardson and Olathe properties were part of a five-building portfolio put up for sale in August 2024 that Newmark described as “mission critical” facilities, Data Center Dynamics reported at the time.
Officials for DigiCo did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
