Blue Owl-backed Stack acquires 71-acre Culpeper site for $66.4M data center push

Investment firm Blue Owl Capital, through its Stack Infrastructure unit, has acquired a 71-acre development site in Culpeper County, Virginia, for $66.4 million, marking another major expansion in the county's rapidly emerging data center market.

The property, located at 15140 Keyser Road, sits within the Culpeper Technology Park, a designated area inside the county's Culpeper Tech Zone that permits by-right zoning for data center use. The transaction was brokered by commercial real estate advisory firm Greysteel, according to reports from the Commercial Observer and CityBiz.

The acquisition underscores a broader shift in Virginia's data center landscape. As Northern Virginia's traditional stronghold in Loudoun County faces tightening supply and constrained power availability, developers are increasingly looking to neighboring counties such as Culpeper, located southwest of Loudoun, for new capacity. Culpeper has already attracted major players including Amazon, EdgeCore, and DataBank, all of which are planning large-scale projects in the county.

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

Stack's presence in Culpeper extends well beyond this latest land purchase. The Piedmont Environmental Council, a Virginia-based opposition group, reports that Stack will operate Peterson Companies' Culpeper Technology Campus, a large-scale development that could accommodate up to eight or nine buildings totaling up to 2.1 million sq ft (195,100 sqm) of data center space. Power for the site is expected to be available by 2025 through two approved 300MW Dominion substations.

Adjacent to the Peterson plot, Stack is also the operator behind the Copper Ridge development, a planned 116-acre campus that could see up to eight two-story data center buildings totaling 2.36 million sq ft (219,250 sqm), along with an on-site substation. Additionally, business intelligence platform Obedio recently reported that Stack is behind the proposed Rabbit Run Technology Park at 14433 Germanna Highway, near the Keyser Road address. Through its affiliate SAC III Acquisition Co., LLC, Stack aims to develop two two-story buildings there, with the first totaling approximately 129,955 sq ft (12,073 sqm). The project was discussed at the county architectural review board meeting on July 8.

Beyond Culpeper, Stack is actively expanding across Virginia. The company currently lists ten campuses in operation or development across Northern Virginia, totaling more than 2.4GW across roughly 960 acres. In Stafford County, Stack is developing a 500-acre, 1GW campus and topped out the first building earlier this year. The firm also announced plans last year for a 144MW campus in Loudoun County and another project in Berry Hill in Pittsylvania County, as well as filings for a campus in Fredericksburg.

Stack is also pursuing growth in Caroline County, where it has requested zoning permission for a data center development on 95.4 acres outside Colemans Mill Crossing along W.C. Spratt Drive. First filed late last year, the proposed plan includes four data center buildings totaling 1.5 million sq ft (139,354 sqm) along with a substation.

The flurry of activity reflects a broader trend in the Mid-Atlantic region, where data center developers are racing to secure land with access to power and favorable zoning as demand for cloud and AI infrastructure continues to surge. Stack's aggressive land acquisition strategy positions it as a significant player in Virginia's next wave of data center development.