Blue Owl’s Stack Infrastructure Pays $66M for Virginia Data Center Site

Asset management firm Blue Owl Capital—thorough its data center development arm Stack Infrastructure—has acquired a 71-acre data center development site in Culpeper, Va. from RACM. Known as Culpeper Technology Park, the site traded for $66.4 million.

Greysteel Senior Director Zach Benlemlih represented the seller in the transaction. The sale marks Greysteel’s seventh deal in Culpeper, including the current site’s previous trade, when RACM originally picked it up.

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Culpeper Technology Park is the latest rezoning approved at the Culpeper Tech Zone data center corridor. The site is at 15140 Keyser Road, some 60 miles southwest of Northern Virginia, which houses the largest data center market in the world. The property is in proximity of several major thoroughfares, including U.S. Route 15 and Virginia state routes 3 and 666.

Data center development in the U.S.

Although Northern Virginia remains the nation’s leading sector, data center expansion is increasingly shifting toward Texas, which had 6.5 GW of capacity under construction at the start of 2026. At the same time, the U.S. development landscape is being shaped by opposing forces. While demand has remained exceptionally strong, new projects continue to face regulatory hurdles and growing community opposition.

While developers and investors remain eager to add capacity, longer permitting timelines, labor shortages, rising construction costs and growing community opposition continue to weigh on new projects. As a result, the sector has adopted a more disciplined approach to expansion. Locations with available power, streamlined permitting and supportive local governments have gained a competitive advantage, prompting developers to reevaluate their priorities.