Stack Infrastructure Pays $935K an Acre for Culpeper Data Center Land

Blue Owl Capital’s Stack Infrastructure has paid $66.4 million, about $935,000 an acre, for 71 acres at 15140 Keyser Road inside the Culpeper Technology Park in Culpeper, Virginia, according to Commercial Observer. The site carries by-right zoning for data center development. Greysteel arranged the sale for the seller, identified in the deal only as RACM. Marc Zahr, Blue Owl’s co-president, oversees the platform behind the purchase.

Why it matters

Culpeper sits roughly 60 miles southwest of Loudoun County’s Data Center Alley, long treated as the overflow market once Ashburn ran out of room. A buyer paying $935,000 an acre for raw land there, already entitled and ready to build, tells developers weighing a secondary Virginia site that the price gap to the core has narrowed. Stack already operates two other approved campuses in the county, Culpeper Technology Campus and Copper Ridge, according to the Piedmont Environmental Council, so this purchase is Stack buying land it does not yet control rather than expanding a site it already owns. For a developer scouting outside the national hyperscale core, that is the read: land in Culpeper’s Technology Zone is pricing closer to a core-market premium than a discount.

The numbers

The deal totals $66.4 million for 71 acres, $935,000 an acre. That land traces to an entitlement fight Red Ace Capital Management won on the same Keyser Road corridor. Culpeper’s Board of Supervisors approved rezoning 69.19 acres there from Rural to Light Industrial by a 4-3 vote in July, clearing four two-story buildings totaling 1.16 million square feet at a projected $350 million construction cost, according to data center tracker Baxtel. Blue Owl is now buying into that entitlement work rather than starting a rezoning fight of its own.

What’s next

Stack Infrastructure has not disclosed a construction start date or committed power capacity for the Keyser Road site. County officials have said Culpeper’s Technology Zone is nearing capacity even as demand keeps arriving, a signal that the next wave of hyperscale land deals may test counties further from Loudoun that still have power and zoning room to spare.