Two months after announcing a partnership to conserve 87 acres of land in western Loudoun County, JK Moving President and CEO Chuck Kuhn in July sold nearly 90 acres in the east, which in turn was sold for nearly six times the amount he purchased it for just a year ago.
The two transactions -- Kuhn selling the Arcola area property to NOVA WPC and that group selling the land to Vadata, Inc., an affiliate of Amazon -- were filed on the same day, according to county records. The Washington Business Journal first reported the $116 million sale to Vadata, Inc., which serves as a proxy for contracting Amazon Web Services’ data center shells.
“It’s not untypical those types of transactions,” Kuhn told the Times-Mirror. “... eastern Loudoun is a very changing landscape as the data center community continues to expand and evolve in eastern Loudoun County.”
The property is located north of Route 50 and west of StoneSprings Hospital Center in Dulles. Kuhn, under the name 41992 John Mosby Highway LLC, acquired 89.7 acres from Inova Health System Foundation for a cash consideration of $20 million in June 2018.
On July 31 of this year, Kuhn sold the same plot to NOVA WPC, LLC, a Delaware-based limited liability company, for a cash consideration of $98.6 million, according to county records. The land was then sold to Vadata, Inc. for $116 million. The latest land assessment determined the value of the area is $19 million.
Data center developers have been buying up land in the Dulles corridor for up to $2 million an acre in recent transactions.
“The evolution of data centers in eastern Loudoun is doing a lot for the county,” Kuhn said. “It’s cutting down on number of homes built in the county, adding tremendously to the tax base in the county ... and at the same time not adding greatly to the number of vehicles put on the roads or kids put in the school system.”
Kuhn still owns more than 300 acres adjacent to the recently sold property in the Dulles-Arcola area.