SANTA CLARA — A data center in Santa Clara was purchased for more than $35 million in a deal that suggests rising values for these kinds of sites during a surge in demand for artificial intelligence technologies.

Colovore, acting through an affiliate, paid $37.2 million for the property, according to documents filed Tuesday with the Santa Clara County recorder’s office.

It was sold by Ellis Partners, a real estate firm that bought the former industrial property in 2022 and then converted the site into a modern data center.

In 2022, Ellis Partners bought the building at 3060 Raymond St. for $13.5 million and then obtained an $11.5 million construction loan, county records show.

Colovore had signed a lease for the building prior to the data center upgrade. The building totals 29,100 square feet and was built in 1974, according to commercial property database LoopNet.

The AI boom appears to be widening, a surge that is fueling expansion by companies such as Nvidia, which highlighted artificial intelligence trends at its packed GTC conferences in downtown San Jose in recent years.

Artificial intelligence hardware, software and services require heightened levels of energy and data, which in turn ratchets up demand for power-efficient data centers.

“The AI revolution is here,” Colovore President and co-founder Sean Holzknecht said in 2022. “We look forward to continuing to deliver these innovative solutions to our customers.”