A joint venture between Lincoln Property Company and Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, today announced the acquisition of a 190-acre land site in New Albany, Ohio to construct a multi-use technology and distribution park designed for data center and industrial users and operators.
New Albany, a suburb of Columbus, OH has experienced a rapid inflow of advanced manufacturing, hyperscalers, and e-commerce businesses following Intel’s recently announced $20 billion, 1,000-acre chip campus, which is located directly adjacent to the site, known as Silicon Heartland Innovation Park. LPC has secured a 15-year, 100 percent real estate tax abatement, with general employment zoning in order to accommodate a wide range of uses and industries including technology, life sciences, advanced manufacturing, and e-commerce.
Silicon Heartland Innovation Park will provide access to recently expanded road systems, dual 345 KVA transmission lines, reliable electrical service, substantial water resources, and an abundant fiber network. The Park is also strategically located near Columbus’ John Glenn Airport and the Central Ohio Transit Authority bus line, providing quick and easy transportation for employees, vendors, and customers, and is in close proximity to several nearby colleges and universities, including The Ohio State University.
“Silicon Heartland Innovation Park will offer everything an industrial or data center user will need: an ideal location, expansive talent pool, and state-of-the-art features needed to run a successful operation,” said Dan Reidy, Vice President of LPC.
“New Albany is an exciting data center market with tremendous potential for digital infrastructure growth following Intel’s planned chip factory expansion,” said Michael Hochanadel, Managing Director and Head of Digital Real Estate at Harrison Street. “This project is consistent with Harrison Street’s digital investment strategy and ability to identify strategic sites for data center development in attractive markets with strong demand for increased connectivity options.”
LPC’s Chicago-based Midwest team will begin immediate construction on the first phase of the campus that will include a speculative 175,000 square foot 32′ clear warehouse and a modern 446,000 square foot cross-dock distribution building. Both buildings will have ample parking and are expected to be delivered in the second quarter of 2023.
Lincoln Rackhouse, the data center division of LPC, will immediately begin development of the data center campus which will include the construction of an on-site 200MVA, electrical sub-station. The data center campus can accommodate up to 1.2 million square feet and 144MW of critical load designed specifically for hyperscalers and other major operators.
“Qualified ‘powered’ data center sites are becoming increasingly difficult to find in Tier 1 data center markets such as Northern Virginia and Chicago. The location in New Albany, Ohio offers the perfect environment for the next phase of large hyperscale and colocation growth,” Martin Peck, Executive Vice President, Lincoln Rackhouse.
Since 2018, Harrison Street has invested approximately $2.3 billion in digital assets including powered shells, carrier hotels, strategic colocations, and dark fiber, and has built a dedicated team committed to investing across verticals that are key parts of the digital ecosystem. In January, Harrison Street committed $1 billion in partnership with American Real Estate Partners to develop six powered shell data centers representing 2.1 million square feet of data center space in the world’s largest and most connected data center submarket in Northern Virginia.
JLL’s Columbus-based team will assist in the marketing of Silicon Heartland Innovation Park with Brian Marsh focusing on industrial facilities and Dan Wendorf assisting with data center facilities.