Lincoln Rackhouse has actually acquired an information center at 1000 Coit Rd. in Plano, Texas, as part of a portfolio purchase covering 3 states.
Lincoln Rackhouse, the data center division of Lincoln Home Co., almost doubled its U.S. data center holdings with a purchase of residential or commercial properties that provides it more access to the Dallas-Fort Worth area that’s becoming a national information processing fortress.
The 904,593-square-foot portfolio includes an information center in Plano, Texas, that sold for $81.35 million, inning accordance with CoStar data. Lincoln Rackhouse’s partner in the purchase is Principal Realty Investors, an unit of Principal Financial Group.
The purchase comes as huge information center gamers Digital Real estate and RagingWire have plans to add billion-dollar information halls in neighboring Garland. Meanwhile, CyrusOne prepares to develop an enormous school in Allen, and mega-users Facebook and Google are broadening in the area.
The portfolio acquisition provides Lincoln Rackhouse the ability to immediately rent up data center space in key markets, stated Martin Peck, a senior handling director in Lincoln Rackhouse’s Dallas workplace.
“We have area ready to go right now,” said Peck. “Dallas is so hot today. While the huge companies have some area, they do not have a lot of area, which is why all the huge boys are constructing new centers or putting them on the drawing boards in North Dallas, north Fort Worth and Garland.
“We like the fact that this puts us in the line for data center area in the market,” Peck added.
The three-property portfolio, which includes facilities in higher Phoenix and Kansas City, Missouri, just recently underwent $200 million in upgrades by the previous owner, Charlotte, North Carolina-based Bank of America.
The 191,061-square-foot data center at 2500 W. Fry Rd. in Chandler, Arizona, consists of an on-site substation on a 24.4-acre tract and cost $39.7 million, according to CoStar data. Terms of the 259,111-square-foot Kansas City facility at 11155 NW Airworld Dr. weren’t immediately known. The two-story Plano information center at 1000 Coit Rd. has 454,421 square feet of space.
Lincoln Rackhouse has actually hired a CBRE group to handle the data center facilities.
The addition of the information center portfolio doubles Lincoln Rackhouse’s information center holdings in the United States to nearly 2 million square feet. Peck said he anticipates that portfolio to grow as handle the works begin to close.
In all, the brand-new portfolio provides Lincoln Rackhouse instant schedule in Plano and Kansas City. The Phoenix information center is completely rented to INAP, previously Internap, for the whole 10 megawatts of power capability and substation.
Ryan Crabtree, Lincoln Rackhouse’s vice president of possession management and property operations who joined the group this summertime, said the business plans to install a new customer in the Plano data center next week.
Lincoln Rackhouse has 8 megawatts immediately readily available for lease in North Texas, which is expandable by 16 megawatts. In Kansas City, the company has 10 megawatts of power capability and 100,000 square feet of raised-floor area prepared to inhabit.
Peck said Lincoln Rackhouse prepares keep adding to its portfolio by buying top quality, well-maintained second-generation centers with existing capital, fueling additional expansion of the company’s footprint.
For more information on the deal, please see CoStar Comp # 4470058.