STACK Chicago CHI01: IPI Partners buys Elk Grove Village suburban data center for $119M

IPI Partners bought an Elk Grove Village data center for $118.9 million, signaling continued investor interest in the growing industrial sector.

T5 Data Centers sold the 208,000-square-foot, 10-megawatt facility at 1441 Touhy Avenue. It was built by Forsythe Technology, opened in 2015 and sold to T5 in 2016.

IPI Partners, a joint venture between ICONIQ Capital and an affiliate of Iron Point Partners invests, in data centers and other technology and connectivity-related assets. In March, it bought three Infomart data centers in San Jose, California; Hillsboro, Oregon; and Ashburn, Virginia.

T5 and IPI have previously worked together to build a massive data center campus in Fort Worth, Texas.