Data center in Chandler sells for $130 million as vacancy rates dip below 2% in Phoenix market

Article originally posted on Phoenix Business Journal on November 4, 2025

A 191,000 square-foot data center in Chandler and a substation on-site sold for $130 million on Oct. 30.

Lincoln Property Company scooped up the complex from CBRE Global Investment, and it plans to not only build out unusable parts of the existing facility, but to also erect an entirely new data center building at the property, at 2500 W. Frye Road.

The purchase is part of a strategy Lincoln is employing nationally as it looks to identify smaller pockets of power available in core data center markets, Ryan Sullivan, executive vice president and national data center group leader with Lincoln, told the Business Journal.

“They’re just either underutilized by the owner or enterprise that built it, or undercapitalized. So we bring new capital to the space, make that investment to fit it out and finish the build, and then bring that to market,” Sullivan said.

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