Development

Digital crossroads uptown acquired by private equity real estate manager

The building at 701 E. Trade Street
The building at 701 E. Trade Street

A partnership made up of Charlotte-based Lincoln Harris and a private equity real estate firm has purchased an uptown communications hub for $10 million.

Velocis and Lincoln Harris bought the building at 701 E. Trade Street in a deal that closed last week. The two-story building is a node in the invisible but all-important infrastructure web around us, housing major fiber optic lines and data switches.

“Velocis capitalized on a unique opportunity to secure this property for its important location at the cross roads of Charlotte’s colocation and connectivity network,” said Jim Yoder, Velocis principal, in a statement. “The asset’s status as a prime fiber optic hub combined with the abundant power and security the building offers tenants, creates a significant untapped opportunity.”

Lincoln Harris will lease and manage the center. The building was constructed in 1968 and is 80 percent leased.

“Charlotte offers a dense telecommunication infrastructure that is on par with any Tier 1 city,” said Martin Peck. He’s with Lincoln Harris’ data center division, Lincoln Rackhouse.

Here’s how Velocis described the building’s importance in a statement:

“Significant long-haul fiber routes originate from all directions through the building and it draws a wide array of telecommunications and colocation data center users. Additionally, it is ideally located close to multiple data centers and telecommunication companies including the area’s main AT&T switch.”

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