GI Partners, a Bay Area-based multi-strategy private equity investment manager, has acquired a data centre-anchored property in Hayward, California.
The investment was made through DataCore, a fully discretionary core real estate fund managed by GI Partners.
The California State Teachers' Retirement System (CalSTRS) created DataCore in 2012 as a core investment vehicle to invest in technology-advantaged real estate in the US, including data centres, internet gateways, corporate campuses for technology tenants and life science properties located in primary MSAs and leased to industry leading tenants. In November 2012, the fund acquired its first asset, Lightwave Corporate Centre in San Diego, California.
More recently, DataCore acquired a three-building, 299,387-square-foot property located at 26460, 26462 and 26464 Corporate Avenue in San Francisco's East Bay. The property is leased on a long-term basis to a tech subsidiary of an investment grade Fortune 500 company, Ultra Clean Holdings, and Moximed.
"Corporate Research Centre is a state-of-the-art Bay Area asset with an excellent tenant roster that continues to demonstrate its commitment to the property by building out extensive data centre and other technology-related improvements," says Michael Wong, vice president of GI Partners.
DataCore represents the continuation of a long-standing relationship between CalSTRS and GI Partners. In 2012, GI Partners advised CalSTRS on its acquisition of LCOR, a fully integrated investment, management and development company focused on large-scale multifamily, commercial, and mixed-use properties.