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An AI infrastructure company just acquired a vacant Phoenix warehouse that it is planning to turn it into a data center.
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The company, 5C AI, purchased a 113,414 square-foot industrial building at the northwest corner of McDowell Road and 27th Avenue on September 2 for $22.75 million, according to property records.
The seller, Scottsdale-based Hanson Capital Group, previously purchased the building in 2021 for $9.5 million, according to real estate database Vizzda.
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The deal involves one of a handful of planned data center projects across Phoenix that hit a snag last year when the city passed a new zoning ordinance covering the facilities.
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Read more of this story from the Business Journal.