The industry veteran Hunter Newby and the real estate development firm Amerimar are at it again, announcing the purchase of another substantial data center property this morning. The two, along with Abrams Capital, have purchased 401 North Broad Street in Philadelphia from The Stillman Group.
401 North Broad is one of Philly's key carrier hotels and interconnection points, spanning 11 floors and totalling some 1.3M square feet of space. Amerimar will be investing in further redevelopment of the property to the tune of $70M. That's not exactly pocket change, I wonder what they'll be doing with it.
Amerimar and Hunter Newby have already been working together on several other data center properties. In New York they are redeveloping 325 Hudson with Jamestown Properties in the mix, while out in Kansas City they operate 1102 Grand.
I wonder how big their appetite is for further such acquisitions. After all, one is a unique opportunity, two is the start of a pattern, and three... well three suggests a wider plan.
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