Data Center Developer Pays $14.7M for S. Phoenix Parcel

GI Partners recently paid $14.7 million for land just south of Phoenix that it plans to develop a data center on. LKY was the seller of the 5.4-acre parcel. The Phoenix Business Journal report LKY paid $3.15 million for the land in 2012.

The site is located right next to an APS substation, and LKY says it has worked with APS for years to expand that substation to support a future data center. Phoenix concluded a data center project would be allowed on the site.

LKY Development Company, Inc. specializes in acquiring and entitling subdivisions and master plan communities.

GI Partners is a private alternatives investment firm with a handful of offices, including Scottsdale. The firm has raised more than $49 billion in capital from leading institutional investors worldwide to invest in private equity, real estate, and data infrastructure strategies.