Principal Real Estate Buys T-Mobile Data Center in Sunrise

T-Mobile Store Logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)

A group affiliated with Principal Real Estate Investors bought a T-Mobile data center in Sunrise for $ 26 million.

Property records indicate that a Des Moines, Iowa subsidiary, Principal Real Estate Investors, purchased the 4850 Northwest 103rd Avenue property from LPCH Florida Equities, which is affiliated with Lincoln Property Company, based in Dallas.

Lincoln Property’s data center division developed Lincoln Rackhouse after purchasing the property in a sale-leaseback, according to Lincoln Rackhouse’s website.

Lincoln Rackhouse bought the 4.3-acre site from T-Mobile in 2017 for $ 2.2 million. 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 forecast that data centers, which generally include office space as well as large electrical and computer rooms, would be in demand nationwide this year.

According to CBRE, demand will be driven in part by new technology, streaming, and the shift to remote working.

Last year, Spanish multinational telecommunications company Telefonica sold its Doral data center at 11300 Northwest 25th Street for $ 44 million.

Contact to Lidia Dinkova