Data center giant QTS Realty Trust recently closed on a massive, nearly 400-acre property in the West Valley.
The Overland Park, Kansas-based firm purchased the site for $255 million, or about $653,409 per acre, from Chicago-based First Industrial Realty Trust Inc. and Phoenix-based Merit Partners Inc. on July 5, according to real estate database Vizzda.
The property is located west of the Loop 303 between Bethany Home and Camelback roads adjacent to the planned 250-acre Allen Ranches residential project, which is being developed by homebuilders Scottsdale-based Taylor Morrison Home Corp. and Atlanta-based Pulte Group Inc.
The property is also adjacent to another 200 acres that could see future industrial development fronting the Loop 303. Merit Partners purchased the overall 614-acre site with plans to build a $1.5 billion logistics park dubbed Camelback 303, the Business Journal previously reported.