NextNRG plans $22 million acquisition of 33-acre Indiana site
NXXT•NXXT•NXXT•NXXT•NextNRG signed a non-binding term sheet to acquire about 33 acres in South Bend, Indiana, for $22 million, using $500,000 in cash, $10 million in preferred stock and $11.5 million in debt. Plans include a data center with up to 70 megawatts of capacity and a 10-year lease with a pharmaceutical tenant in an existing building.
NextNRG signed a non-binding term sheet to acquire approximately 33 acres in South Bend from Envision South Bend for $22 million. The proposed consideration includes $500,000 in cash, $10 million in a newly designated class of preferred stock and $11.5 million in debt.
Plans call for developing about 27 acres as Lone Wolf Energy Center, supporting up to 70 megawatts of data center capacity, potentially 100. A binding 10-year lease with a pharmaceutical tenant covers the existing approximately 50,000-square-foot building and would take effect upon acquisition; annual rent is the greater of $250,000, escalating 3% annually, or 10% of tenant Net Premises Revenue, capped at $2.5 million.
