NoVA businessman Chuck Kuhn’s company, JK Land Holdings, has sold a parcel of land in Leesburg to a global data center investor. The $615 million sale for 97 acres equates to a record $6 million per acre.
An affiliate of SDC Capital Partners purchased the land, according to Washington Business Journal. The property has approval to hold five new data centers.
Public records show the parcel is in an area known as Twin Creeks. The site is on the south side of Cochran Mill Road, north of the Washington & Old Dominion Trail. JK Land Holdings paid $57 million to purchase the land during multiple transactions, mainly in 2021.
In July, another JK Land Holdings affiliate sold 13.3 acres of the Twin Creeks land to Dominion Energy for $45 million. WBJ reports that property will become a utility substation for the Twin Creeks development and other local Dominion power needs.
Recent Data Center Deals
The $615 million sale comes on the heels of other significant NoVA data center news.
Earlier this week, Amazon Data Services purchased about 70 percent of a 270-acre site in Bristow for a record $700 million. And last month, Merrifield Garden Center sold its 38-acre Gainesville property to a data center developer for $160 million.
Data center development in the region has been a topic of serious debate. In Prince William County, lawmakers are currently weighing whether to remove a data center overlay district that currently allows by-right data center use in parts of the county.
In response to JK Land Holdings deal, Buddy Rizer, director of Loudoun County’s Department of Economic Development, told WBJ: “Despite long power delivery timelines and other challenges in the market, the demand and value proposition for data centers in Loudoun remains strong, as this deal demonstrates. While the county is taking a more thoughtful approach to where data centers are located and how we mitigate the impact to our community, there is still opportunity for the right projects in the right places.”
Feature image, Vink Fan/stock.adobe.com
