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GI Partners buys 5.4-acre site south of Phoenix for $14.7M
The seller, LKY, originally paid $3.15 million for the land in 2012, and the parcel is located next to an APS substation.
GI Partners has paid $14.7 million for a 5.4-acre parcel of land just south of Phoenix, according to ConnectCRE.
The outlet said LKY was the seller of the property, and that Phoenix Business Journal reported LKY paid $3.15 million for the same land in 2012.
ConnectCRE also reported that the site sits right next to an APS substation, and that LKY has worked with APS to expand the facility to support a future data center.
The outlet said Phoenix concluded a data center project would be allowed on the site, with LKY Development Company focused on acquiring and entitling subdivisions and master plan communities.