Real estate firm Lincoln Property Company looks set to acquire a data center in Phoenix, Arizona. The company previously owned the former Bank of America facility but sold it to CBRE in 2019.

First reported by BizJournal, Lincoln Property Company is working with the city of Chandler to update a development agreement that will allow the company to complete its purchase of 2500 W. Frye Road and expand the existing data center with a new building.

CBRE Investment Management last year filed and was granted approval to expand the site. Chandler officials must approve the amended agreement to allow Lincoln Property to complete the deal.

Lincoln didn’t provide a comment to BJ.

Originally a manufacturing building constructed in 1988, the property was converted to a data center in 2002. The facility was part of a campus purchased by Bank of America in 2008. More than a decade later, the bank decided to split the campus up and sell the data center portion.

The latest move will see Lincoln reacquire a property it previously owned and sold. Lincoln Rackhouse (the retired name of Lincoln's data center division) and Principal Real Estate Investors acquired the site as part of the three-building portfolio in 2018. The companies sold the facility to CBRE Global Investors in 2019 for $72.7 million.

Defunct colo firm INAP leased the site from Lincoln Rackhouse in 2018 but filed for bankruptcy in 2023. INAP is now HorizonIQ and focused on cloud and hosting services, and has seemingly exited the site. In Arizona, HorizonIQ now offers services out of an Iron Mountain facility in Phoenix, according to its website.

The 2500 W. Frye property’s existing data center totals around 150,000 sq ft (13,935 sqm) on a 14.5-acre site. The expansion would add a three-story, 243,000 sq ft (22,575 sqm) building, and see the existing building’s cooling systems upgraded.