Blue Owl Capital-backed Stack acquired additional land in Culpeper County, Virginia for datacenter expansion.
Investment firm Blue Owl Capital has acquired a 71-acre development site at 15140 Keyser Road in Culpeper County, Virginia, for $66.4 million through its Stack Infrastructure unit. Commercial real estate advisory firm Greysteel brokered the transaction, as reported by CityBiz and the Commercial Observer.
The property sits within the Culpeper Technology Park, located in the county’s Culpeper Tech Zone zoning district, which permits by-right zoning for data center development. Historically not a major data center hub, Culpeper County lies southwest of the industry hotspot Loudoun County but has recently attracted significant developer interest. Amazon, EdgeCore, and DataBank are all planning large-scale data center projects in the area.
“Culpeper has moved from a speculative secondary market to an institutional-grade destination in a short window,” said Zach Benlemlih, senior director, Greysteel. “The demand for entitled, power-proximate land in the Mid-Atlantic has only intensified as Northern Virginia supply tightens, and this transaction is a direct reflection of that.”
Stack will operate Peterson Companies’ Culpeper Technology Campus, a large-scale development where up to eight or nine buildings could be constructed, providing up to 2.1 million sq ft (195,100 sqm) of data center space. According to the Piedmont Environmental Council (PEC), an opposition group based in Virginia, power will be available to the site by 2025 via two approved 300MW Dominion substations. Additionally, the PEC notes that Stack operates the adjacent Copper Ridge development. This 116-acre campus could feature up to eight two-story data center buildings totaling 2.36 million sq ft (219,250 sqm), alongside an on-site substation.
Business intelligence platform Obedio recently identified Stack as the developer behind the proposed Rabbit Run Technology Park in Culpeper. Located at 14433 Germanna Highway near the Keyser Road site, Stack affiliate SAC III Acquisition Co., LLC plans to construct two two-story buildings, with the first phase comprising approximately 129,955 sq ft (12,073 sqm). The proposal was reviewed at the county architectural review board meeting on July 8.
Beyond Culpeper, Stack currently lists ten campuses in operation or development across Northern Virginia, encompassing more than 2.4GW across roughly 960 acres. The company is actively developing a 500-acre, 1GW campus in Stafford County, having topped out its first building earlier this year. It previously acquired a planned data center project from Peterson Co. in the same county. Last year, Stack announced plans for a 144MW campus in Loudoun County, filed for a development in Fredericksburg, and outlined a planned campus in Berry Hill, Pittsylvania County.
Stack is also expanding into Caroline County. Via SAC III Acquisition Co., LLC, the company filed for zoning permission late last year to develop a data center campus on 95.4 acres outside Colemans Mill Crossing along W.C. Spratt Drive. The proposed plan includes four data center buildings totaling 1.5 million sq ft (139,354 sqm), accompanied by a substation.