JDM buys 250K square-foot data center from State Farm in $38M+ deal

JDM Partners Colangelo

JDM Partners ColangeloBy 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.

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