Investment in Real Estate

9 Months Ended

Sep. 30, 2018

3. Investment in Real Estate

The following is a summary of the properties owned or leased by market at September 30, 2018 (in thousands):


			Buildings and		Construction in
Market	Land		Improvements		Progress		Total Cost
Boston	$	5,154	$	107,605	$	994	$	113,753
Chicago(1)		5,493		113,697		7,580		126,770
Denver		—		30,008		255		30,263
Los Angeles(2)		28,467		334,035		20,602		383,104
Miami		728		13,982		7		14,717
New York		2,729		149,941		35,953		188,623
Northern Virginia		23,679		326,350		92,990		443,019
San Francisco Bay		31,386		626,214		41,395		698,995
Total	$	97,636	$	1,701,832	$	199,776	$	1,999,244

(1)

On January 29, 2018, we acquired a two-acre land parcel located in downtown Chicago, Illinois, for a purchase price of $4.5 million. We expect to build a 175,000 square foot turn-key data center building on the acquired land parcel, which we refer to as CH2, upon the receipt of necessary permits and entitlements.

(2)

On April 20, 2018, we acquired U.S. Colo, a carrier-neutral, network-dense colocation provider, located in Los Angeles, California, for a purchase price of $6.3 million, net of previously accrued legal expense. In connection with the U.S. Colo acquisition, we assumed a leasehold interest of 6,723 square feet at our existing LA1 facility. We also assumed a leasehold interest of 21,850 square feet at a nearby colocation data center facility, which we refer to as LA4.