Blue Owl and Stack Infrastructure Acquire 71-Acre Culpeper Data Center Site for $66.36 Million in Deal Arranged by Greysteel

CULPEPER, Va. — Blue Owl, acting through its portfolio company Stack Infrastructure, has acquired Culpeper Technology Park, a 71-acre data center development site at 15140 Keyser Road in Culpeper, Virginia, for $66,359,425. The seller was RACM, and Greysteel arranged the transaction, with Sr. Director Zach Benlemlih representing RACM in the deal.

Deal Details and Site Characteristics

The site carries by-right zoning for data center use, direct access to multiple fiber networks, and proximity to significant power capacity. The property sits within the Culpeper Tech Zone, a purpose-built data center corridor designed to consolidate development around existing critical infrastructure. The zone also benefits from county-level tax incentives and a workforce pipeline anchored by Germanna Community College.

Greysteel noted that the closing marks the firm's seventh transaction in Culpeper and that the firm also represented the seller in its original acquisition of the same property.

Market Context: Northern Virginia Overflow Demand

Culpeper sits approximately 60 miles southwest of Ashburn, Virginia, home to what is widely regarded as the largest data center market globally. As land, power, and fiber capacity have tightened in Northern Virginia's core market, institutional capital has accelerated its pursuit of shovel-ready sites in adjacent markets with comparable connectivity profiles.

Sites with by-right entitlements, power access, and fiber connectivity have drawn heightened attention because they shorten development timelines and reduce execution risk — factors that carry particular weight as hyperscale and AI-driven demand continues to grow.

"Culpeper has moved from a speculative secondary market to an institutional-grade destination in a short window," said Zach Benlemlih, Sr. Director at 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."

Greysteel's Role and Track Record in Culpeper

Greysteel's involvement in the Culpeper market spans both sides of transactions, with the firm having represented buyers, sellers, and developers across data center and adjacent industrial uses over its seven completed deals there. Lacey Willard, Executive Vice President at Greysteel, said the firm's depth in the market provided the relationships and intelligence needed to execute for RACM from acquisition through disposition.

"The Culpeper Technology Park transaction is a strong marker for where institutional capital is moving in the data center sector," Willard said. "As primary markets price out all but the most liquid buyers, well-positioned secondary sites with entitled land, fiber, and power access are commanding real institutional attention."

Buyers: Blue Owl and Stack Infrastructure

Blue Owl Capital made the acquisition through Stack Infrastructure, its portfolio company focused on data center development and operations. The transaction adds a fully entitled, infrastructure-ready site to Stack Infrastructure's development pipeline.

At the reported price and acreage, the implied land price is approximately $937,000 per acre, reflecting the value buyers are placing on sites that combine zoning certainty, power proximity, and fiber access.

Outlook

The Culpeper Technology Park sale adds to a pattern of institutional capital moving into secondary Virginia markets as the Northern Virginia core becomes harder and more expensive to develop. No construction timeline was disclosed.

Sources: Greysteel press release, August 6, 2026