{"id":1004740592,"date":"2024-12-12T12:52:48","date_gmt":"2024-12-12T20:52:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004740592"},"modified":"2024-12-13T06:51:00","modified_gmt":"2024-12-13T14:51:00","slug":"prologis-skybox-sell-chicago-area-data-center-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-skybox-sell-chicago-area-data-center-project\/","title":{"rendered":"Prologis, Skybox Sell Chicago-Area Data Center Project"},"content":{"rendered":"\n<p>Prologis Inc. has sold a data center development in Chicago to Australian alternative asset manager HMC Capital.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Headshot_Curtis-Christopher-e1715959046444.png\"><img loading=\"lazy\" decoding=\"async\" width=\"400\" height=\"300\" data-attachment-id=\"1004713988\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prologis-blackstone-double-down-on-data-centers-but-hurdles-remain\/headshot_curtis-christopher\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Headshot_Curtis-Christopher-e1715959046444.png\" data-orig-size=\"400,300\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Headshot_Curtis, Christopher\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Chris Curtis, global head of data centers, Prologis. Image courtesy of Prologis&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Headshot_Curtis-Christopher-e1715959046444.png?w=400\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Headshot_Curtis-Christopher-e1715959046444.png?w=400\" alt=\"Headshot of Chris Curtis, Global Head of Data Centers at Prologis\" class=\"wp-image-1004713988\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Headshot_Curtis-Christopher-e1715959046444.png 400w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/Headshot_Curtis-Christopher-e1715959046444.png?resize=300,225 300w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><figcaption class=\"wp-element-caption\">Chris Curtis, Global Head of Data Centers, Prologis. <em>Image courtesy of Prologis<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In partnership with Skybox Datacenters, Prologis is converting one of its warehouses into a high-capacity, turnkey data center with a marketed capacity of 32 MW.<\/p>\n\n\n\n<p>The announcement did not include any further information on the transaction or the property, including its location. However, the Skybox website describes a similar project: Skybox Chicago I, a 10-acre, 190,000-square-foot, 30 MW in the northwestern Chicago suburb of Elk Grove Village, Ill.<\/p>\n\n\n\n<p>Prologis stated that warehouse conversions are a key element of the company&#8217;s data center strategy, and that the warehouse in question is held in the U.S. Logistics Fund, a Prologis co-investment vehicle that\u2019s focused on \u201cpremier logistics real estate, including higher and better use conversions.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"http:\/\/Are Data Centers Immune to CRE Market Forces?\">Are Data Centers Immune to CRE Market Forces?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>In a statement, Chris Curtis, global head of data centers, said that owning the world&#8217;s largest portfolio of warehouses gives Prologis the ability to identify higher-value conversion opportunities among the company\u2019s approximately 5,600 buildings and 12,400 acres of land.<\/p>\n\n\n\n<p>Prologis stated that over the next four years, it intends to develop about 20 data center projects, representing $7 billion to $8 billion in additional investment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-sustained-heat\">Sustained heat<\/h2>\n\n\n\n<p>The buyer has acquired the property under its DigiCo Infrastructure REIT, which reportedly intends to amass a AUD$4.3 billion ($2.76 billion) portfolio of data centers in Australia and the U.S.<\/p>\n\n\n\n<p>In May, <em>Commercial Property Executive<\/em> took the temperature of <a href=\"https:\/\/www.commercialsearch.com\/news\/prologis-blackstone-double-down-on-data-centers-but-hurdles-remain\/\">the rapidly heating data center sector<\/a>, in which Prologis and Blackstone are leaders among a sizable number of commercial real estate firms looking to take advantage of the AI-driven boom in data center development.<\/p>\n\n\n\n<p>And earlier this month, we looked at the sector again, this time partly through the lens of the White House\u2019s National Security Memorandum on AI.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property is being converted from an existing warehouse. <\/p>\n","protected":false},"author":882,"featured_media":1004713988,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21755,21782,21783,13,21742],"tags":[32956,51567],"class_list":["post-1004740592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-data-centers","category-development","category-investment","category-midwest","category-latest","tag-prologis","tag-skybox-datacenters"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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