Telefonica sold its data center in Doral for $44 million, amid booming demand for such real estate.
Telefonica sold the 153,000-square-foot property at 11300 Northwest 25th Street for $288 per square foot, records show. Daytona US Partnership LP, which lists its address in Madrid, Spain, bought the property.
Telefonica is a Spanish multinational telecommunications company, also headquartered in Madrid. The company’ largest commercial presence in the United States is in Miami, where it operates the data center that provides cloud and security services, according to its website.
The building was constructed in 2001, records show. It sits on a 4.3-acre lot. The property was last purchased for $24.6 million in 2004. The South Florida Business Journal first reported the news.
Interest for data center real estate is growing due to the increasing demand for data storage and driverless vehicles, artificial intelligence and other technological advances that require more power supply.
Investors are betting on this new demand. In 2018, an affiliate of Brookfield Asset Management agreed to buy a data center portfolio from AT&T Communications for $1.1 billion. Last year, Google announced it plans to spend more than $13 billion in data centers and offices across the U.S.