Subject: CXP
Lincoln Rackhouse and Principal Real Estate Investors Acquire Atlanta Data Center
Acquisition of the Alpharetta Tier 3 Facility Brings Turn-Key Solutions to a Rapidly Expanding Market
DALLAS, Aug. 8, 2022 /PRNewswire/ -- Lincoln Rackhouse, the data center division of Lincoln Property Company, and Principal Real Estate Investors, the real estate investment team for Principal Global Investors, announced the acquisition of a key data center located in the heart of Atlanta's high-tech corridor. The strategically located data center is an enterprise-grade, highly secured facility, ready to be deployed to customers' specific design and power requirements.
The 185,000 square-foot facility sits on a 38-acre parcel with more than 7MW of capacity, and a design to expand to over 13MW. Furthermore, the site can support a separate 30MW ground up data center development, ideal for today's hyperscalers and operators.
According to Data Center Hawk, Atlanta's data center market continues to grow due to the favorable business climate, competitive colocation and cloud environments, reasonable power cost, low natural disaster risk and robust connectivity. The city has cultivated a tech hub, with more than 55 colocation providers and enterprises calling it home.
"We're proud to partner with Principal Real Estate Investors in a market that's quickly become one of the most robust data center regions in the U.S.," stated Martin Peck, Executive Vice President, Lincoln Rackhouse. "Our plan is to begin immediate development of additional turn-key critical floor space, that will ultimately align and address our customer's current and future expansion needs."
"This acquisition of a high-quality asset in such a dynamic market provides an excellent addition to our portfolio of data centers," said Ben Wobschall, Managing Director, Portfolio Management for Principal Real Estate Investors. "We're thrilled to be able to bring immediate availability and expansion to accommodate our customers' growth in the Southeast."
St. Louis based Ascent will continue to provide facilities management, engineering and construction services to the site. Marketing and leasing with be provided by Digital Crossroad and CBRE's Atlanta based data center solutions team.
About Principal Real Estate Investors
Principal Real Estate Investors is the dedicated real estate investment group within Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. As a top 10 global real estate manager1 Principal Real Estate Investors has more than 60 years of real estate investment experience2. The firm's capabilities span the spectrum of public and private equity and debt investments, and it manages or sub-advises $100 billion in commercial real estate assets (as of June 30, 2022).
About Lincoln Rackhouse
Lincoln Rackhouse, the data center division of Lincoln Property Company, focuses on investment and development of mission critical real estate while helping organizations of all sizes locate, analyze and secure data center space to lease or own. Dallas-based Lincoln Property Co. has earned its reputation as effective, professional managers of residential and commercial properties with more than 50 years of experience in building, owning and managing one of the largest commercial real estate portfolios in the United States. With 20 years of experience sourcing mission critical data centers, Lincoln Rackhouse offers unparalleled market and industry knowledge with an unbiased approach in fulfilling technology requirements.
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1 Managers ranked by total worldwide assets (net of leverage, including contributions committed or received, but not yet invested, REIT securities are excluded), as of 30 June 2021. "The Largest Real Estate Investment Managers," Pensions & Investments, 4 October 2021.
2 Principal Real Estate Investors became registered with the SEC in November 1999. Activities noted prior to this date were conducted beginning with the real estate investment management area of Principal Life Insurance Company and later Principal Capital Real Estate Investors, LLC, the predecessor firm to Principal Real Estate Investors.
SOURCE Lincoln Rackhouse
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