ALPHARETTA, Ga. — In three years, a data center property in North Fulton County has skyrocketed in value by nearly 300%.
As first reported by Bisnow, GI Partners paid $253 million for the data center at 4905 North Point Parkway.
In 2022, Lincoln Rackhouse and Principal Asset Management bought the property for a little more than $60 million.
“It was mind-blowing to see that sale,” Georgia State University professor Lynn McKee said about the nearly 40-acre patch of land that has now become like gold.
What happened in between that time is AI,” McKee continued.
The explosion of AI has created its own gold rush as corporations look to build data centers to power today’s modern world.
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“There is almost no availability. Anybody who builds one is snapped up,” McKee said.
Atlanta has been a hotspot for datacenters, as McKee says the state’s having available land, and access to power has been an attractive combination for the building of these facilities.
However, in recent years, community pushback has made getting property zoned for data centers more difficult.
However, the patch of land in Alpharetta is special.
“It’s the key because the site’s already entitled. It’s already zoned and ready to go,” McKee told Channel 2’s Michael Doudna.
The property was originally designed to serve Blackberry phones and is already zoned for a data center. It also has fiber and a Georgia Power substation all within walking distance.
“Those three things -- power, entitlement, and fiber -- that’s what makes that site worth money,” McKee said.
Now, McKee expects the new owner, a private equity firm, to build out the facility to a 100-megawatt station that could push its value to around $1 billion.
Doudna reached out to the private equity firm that purchased the property for comment on this story, but did not receive a response.
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