GI Partners acquires Lightwave Corporate Center in San Diego
GI Partners, a middle market private equity firm, has acquired a data centre and office building in San Diego.
The investment was made through DataCore, a fully discretionary core real estate fund managed by GI Partners that was launched earlier this year with the California State Teachers' Retirement System (CalSTRS).
CalSTRS created DataCore as a core investment vehicle to invest in technology-focused 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. This is the first investment for the DataCore fund.
DataCore acquired the two-story, 166,892 square foot property located at 9305 Lightwave Avenue in the Kearny Mesa submarket of San Diego. The fully occupied building is leased to American Internet Services, an enterprise-class data centre, cloud, connectivity and managed services company, and San Diego Gas & Electric.
"We are pleased to have formed this relationship with CalSTRS that leverages our expertise and strong reputation for investing in technology-advantaged properties. This property represents DataCore's initial acquisition, features extensive data centre improvements and is leased to strong tenants in their respective fields. We have an active pipeline and we will continue to identify and acquire core technology real estate investments on behalf of DataCore," says Rick Magnuson, executive managing director of GI Partners.
DataCore represents the continuation of a long-standing relationship between CalSTRS and GI Partners. CalSTRS is a limited partner in GI Partners Fund II and III and, earlier this year, 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.
- Special Reports
- By Location
- By Subject
Latest Special Report