By Business Real Estate Weekly
A company formed by JDM Partners LLC in Phoenix (Jerry Colangelo, David Eaton, Mel Shultz, principals) paid $38.084 + million ($150.73 per foot) to buy a 252,650-square-foot data center located within the Papago Park Industrial Center at 424 S. 56th Street in Phoenix.
The seller in the sale/leaseback transaction was State Farm Mutual Automobile Insurance Co. in Bloomington, Ill.
The 25.68-acre project, which is leased to State Farm, is located just south of the southwest corner of 56th and Washington streets.
The single-level building, which was developed in 1998, takes about two-thirds of the site. The undeveloped part of the parcel is along the west side of the building, which is served by 250 + surface level parking stalls located east of the structure.
