American Tower, a global communications infrastructure real estate investment trust, bought a data center in Doral from Baptist Health South Florida for $34 million.
Records show American Tower bought the data center at 2100 Northwest 84th Avenue from Miami-based Baptist via a Delaware LLC.
American Tower is a publicly traded REIT headquartered in Woburn, Mass., with operations across six continents and a portfolio of 222,000 communications sites, according to its website. Led by CEO Tom Bartlett, American Tower acquired CoreSite Realty Corp., another data center REIT, for $10.1 billion last year, Bloomberg reported.
Baptist Health is a non-profit health care system led by CEO Brian Keeley. The organization operates 12 hospitals and 50 out-patient facilities across South Florida, according to its website.
Records show Baptist bought the Doral facility for $11 million in 2004. The 137,938-square-foot center was built on 4.5 acres in 1990, per records. According to a JLL marketing brochure from earlier this year, the property was renovated in 2000. Baptist listed the property, aiming for a two-year partial-sale leaseback, the brochure showed, however it is unclear if the deal with American Tower included a leaseback.
The sale equates to $247 per square foot for the 4.3 megawatt data center.
The push toward 5G and advancing technologies has driven demand for data centers nationwide, boosting prices and rents across the sector.
Developers have targeted Doral for major industrial investments in recent months. Chicago-based industrial developer Bridge announced in July its plans for a 2.6 million-square-foot project on 175 acres in Doral, near Miami International Airport. The preliminary plan for the project, called Bridge Point Doral, is for six buildings, each ranging from 165,000 square feet to 900,000 square feet. The first building is set to be completed next year.
In February, Seagis Property Group paid $16 million for a warehouse development site next to its Transal Park facility in Doral. The purchase came two months after Seagis acquired two other Doral industrial properties in separate deals totaling $28.6 million.
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