A group tied to Principal Real Estate Investors picked up a T-Mobile data center in Sunrise for $26 million.
Property records show an affiliate of Des Moines, Iowa-based Principal Real Estate Investors bought the property at 4850 Northwest 103rd Avenue from LPCH Florida Equities, tied to Dallas-based Lincoln Property Company.
Lincoln Property’s data center division Lincoln Rackhouse developed the building, after acquiring the property in a sale-leaseback, according to Lincoln Rackhouse’s website.
Lincoln Rackhouse bought the 4.3-acre site in 2017 for $2.2 million from T-Mobile. Lincoln completed the 45,571-square-foot building in 2019.
T-Mobile, based in Bellevue, Washington, occupies the entire building. It has a 20-year lease with renewal options, according to Lincoln Rackhouse.
The deal is in line with a CBRE projection that data centers, which generally include office space and large electrical and computing rooms, would be in demand nationally this year.
The demand is driven in part by new technology, streaming and the shift to remote work, according to CBRE.
Last year, Spanish multinational telecommunications company Telefonica sold its Doral data center at 11300 Northwest 25th Street for $44 million.