DALLAS & CHICAGO, May 19, 2022 /PRNewswire/ -- A joint venture between Lincoln Property Company (LPC) and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, today announced the acquisition of a 190-acre land site in New Albany, Ohio to construct a multi-use technology and distribution park designed for data center and industrial users and operators.
New Albany, a suburb of Columbus, OH has experienced a rapid inflow of advanced manufacturing, hyperscalers and e-commerce businesses following Intel's recently announced $20 billion, 1,000-acre chip campus, which is located directly adjacent to the site, known as Silicon Heartland Innovation Park (the "Park"). LPC has secured a 15-year, 100 percent real estate tax abatement, with general employment zoning in order to accommodate a wide range of uses and industries including technology, life sciences, advanced manufacturing and e-commerce.
Silicon Heartland Innovation Park will provide access to recently expanded road systems, dual 345 KVA transmission lines, reliable electrical service, substantial water resources, and an abundant fiber network. The Park is also strategically located near Columbus' John Glenn Airport and the Central Ohio Transit Authority bus line, providing quick and easy transportation for employees, vendors and customers, and is in close proximity to several nearby colleges and universities, including The Ohio State University.
"Silicon Heartland Innovation Park will offer everything an industrial or data center user will need: an ideal location, expansive talent pool, and state of the art features needed to run a successful operation," said Dan Reidy, Vice President of LPC.
"New Albany is an exciting data center market with tremendous potential for digital infrastructure growth following Intel's planned chip factory expansion," said Michael Hochanadel, Managing Director and Head of Digital Real Estate at Harrison Street. "This project is consistent with Harrison Street's digital investment strategy and ability to identify strategic sites for data center development in attractive markets with strong demand for increased connectivity options."
LPC's Chicago-based Midwest team, will begin immediate construction on the first phase of the campus that will include a speculative 175,000 square foot 32' clear warehouse and a modern 446,000 square foot cross dock distribution building. Both buildings will have ample parking and are expected to be delivered in the second quarter of 2023.
Lincoln Rackhouse, the data center division of LPC, will immediately begin development of the data center campus which will include the construction of an on-site 200MVA, electrical sub-station. The data center campus can accommodate up to 1.2 million square feet and 144MW of critical load designed specifically for hyperscalers and other major operators.
"Qualified 'powered' data center sites are becoming increasingly difficult to find in Tier 1 data center markets such as Northern Virginia and Chicago. The location in New Albany, Ohio offers the perfect environment for the next phase of large hyperscale and colocation growth," Martin Peck, Executive Vice President, Lincoln Rackhouse.
Since 2018, Harrison Street has invested approximately $2.3 billion in digital assets including powered shells, carrier hotels, strategic colocations and dark fiber, and has built a dedicated team committed to investing across verticals that are key parts of the digital ecosystem. In January, Harrison Street committed $1 billion in partnership with American Real Estate Partners to develop six powered shell data centers representing 2.1 million square feet of data center space in the world's largest and most connected data center submarket in Northern Virginia.
JLL's Columbus based team will assist in the marketing of Silicon Heartland Innovation Park with Brian Marsh focusing on industrial facilities and Dan Wendorf assisting with data center facilities.About Lincoln Property Company:
Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services. LPC has approximately 8,500 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America. Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 403 million square feet of commercial space under leasing and/or management. Lincoln is also one of the nation's largest apartment developers, having developed more than 209,000 multifamily units and currently managing more than 165,000 multifamily units.About Lincoln Rackhouse:
Lincoln Rackhouse is the data center division of Lincoln Property Company and focuses on 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. For more information, please visit www.rackhouse.com.About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in San Francisco, London, Toronto and Washington DC the firm has more than 200-employees and approximately $46 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for seven consecutive years (2014-2020) and was recognized by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year. For more information, please visit www.harrisonst.com.
For Harrison Street:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
For Lincoln Rackhouse media inquiries:
Jaymie Scotto & Associates (JSA)
SOURCE Lincoln Property Company