T5 Data Centers Acquires Land From Alter Group In Grayslake For $29.4M

The property involved in this transaction is a vacant land located at 30907 North Alleghany Road in Grayslake. It spans across 160 acres and was sold for $29.4 million. The sale was facilitated by real estate mogul Michael Alter's firm, the Alter Group, to T5 Data Centers.

Summary of transaction details:

• Property Type: Land
• Transaction Amount: $29,400,000
• Address: 30907 North Alleghany Road
• Market: Grayslake
• Buyer: Peter Marin - T5 Data Centers
• Seller: Michael Alter - Alter Group
• Asset Type: Land
• Acres: 160

Peter Marin, representing T5 Data Centers, acquired the 160-acre land in Grayslake from Michael Alter, who was the seller representing the Alter Group. T5 Data Centers plans to develop multiple data center buildings on the acquired land, with the first building expected to be completed by 2027. The entire project has the potential to accommodate up to 480 megawatts of data storage capacity, reflecting the increasing demand for data center development in the Chicago area.