Red Sea Group EVP Mitch Kralis tells GlobeSt.com that thenegotiated purchase price was in the $14-million range. The askingprice for the asset was $15.5 million, he says.
"The issue here is the short-term lease," he says. "However, thedata center market is tightening up very nicely."
Red Sea Group is an Israeli family trust. Its portfolio exceeds$1 billion of hotel, office, industrial, retail and residentialproperties in Eastern and Western Europe, South Africa, Asia andNorth America. It has been investing in US real estate since 1992,focused primarily on California.
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