Lincoln Rackhouse Purchases 1M-SF Data Center Portfolio
In tandem with the portfolio acquisition, the Lincoln-Principal joint venture has signed a master lease with INAP.
Lincoln Rackhouse and Principal Real Estate Investors have acquired a one million-square-foot data center portfolio in Dallas, Phoenix, and Kansas City, MO, from a Fortune 500 financial institution, which has partially leased back the Tier III+ space in two of the three markets.
"This acquisition doubles our portfolio and allows us to offer cloud, colocation and managed services providers attractive expansion or new entry options into these key data center markets," says Ryan Sullivan, managing director of Dallas-based Lincoln Rackhouse. The transaction has launched the West and Midwest regions of the country for Lincoln Property Co.'s data center division. "We were able to acquire this portfolio because we were patient, flexible and have a proven track record of performance with the seller."