This Week's Dallas-Fort Worth Deal Sheet

Aligned Data Centers is adding a second hyperscale facility to its Dallas campus.

The 220K SF building will include 185K SF of data hall space and offer 36 megawatts of capacity, according to a news release. The move is in response to huge leasing numbers seen across DFW’s data center market in recent months, Aligned CEO Andrew Schaap said in a statement.

“DFW is experiencing a record year of data center absorption as it continues its growth as a vital interconnection hub for major cloud providers, large financial and insurance firms, and top-tier technology companies,” he said. “The region’s booming industrial market, dense and diverse connectivity infrastructure, access to talent, pro-business environment, and abundant and affordable power, make Dallas an ideal location for Aligned to further expand its hyperscale data center campus footprint.”

Aligned started off the year with plans to add more than 400 MW of new development, including new hyperscale data centers at its existing Phoenix, Chicago and Salt Lake City campuses. It also plans to add two new multifacility campuses in Maryland and Northern Virginia, per the release.

PEOPLE

Cushman & Wakefield hired Grant Raymond and Asher Hall as senior directors. They will join the Sunbelt Multifamily Advisory Group as the team’s first Dallas-based brokers. Raymond and Hall will focus on multifamily investment sales in the Metroplex, and their addition marks a strategic effort to expand the Sunbelt Multifamily Advisory Group’s existing presence both throughout DFW and statewide.

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Creation, a Phoenix-based real estate development and alternative investment firm, is expanding into the Dallas market with the appointment of Alexander Bez as principal. Bez spent seven years with J.P. Morgan Asset Management, where he most recently served as market lead for the southwestern U.S. Founded by David Sellers and Bob Agahi in 2018, Creation’s portfolio includes $4.7B of ground-up developments in major growth corridors of Arizona, Texas, California, Colorado, Tennessee, New York and New Jersey.

LEASES

Ascend Distribution LLC leased 15K SF at 941 Avenue N in Grand Prairie. The additional warehouse space is less than a mile away from its existing 11.6K SF fulfillment center. Jason Finch, first vice president of Dallas-based Bradford Commercial Real Estate Services, and Michael W. Spain, executive vice president and managing partner, represented the tenant. Maddy Canty of Holt Lunsford Commercial represented the landlord, Dallas MLM TT LLC.

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Everman Crossroads, a two-building, 955K SF industrial project in Fort Worth, is fully leased. GXO Logistics will occupy Building Two, a 644K SF newly renovated space at 1401 Everman Parkway. J. Scott Moore and Steve Koldyke of CBRE marketed the project on behalf of ownership. Allen Gump and Allyson Yost of Colliers represented the tenant. 

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JAH Realty executed new leases with Northern Tool and AutoZone at the Virginia Square Shopping Center, located at the northeast corner of U.S. 75 and West Virginia Parkway in McKinney. The space was previously occupied by Super One Foods/Brookshire’s and results in a combined total of about 40K SF of net absorption. Beginning in fall 2022, JAH Realty will raise a portion of the roof, demolish the space and renovate the exterior of the property in order to split the former grocery box into two retail stores. Northern Tool will occupy 22.5K SF on the northern side of the building, while AutoZone will take 17K SF on the south side.

SALES

New York-based Rethink Healthcare Real Estate, formerly known as Seavest Healthcare Properties, has acquired six Baylor Scott & White Health emergency hospitals in the Metroplex. The purchase closed Aug. 30, and Rethink is under contract to acquire a seventh hospital shortly.

Rethink acquired the hospitals at: 12500 South Freeway in Burleson; 5500 Colleyville Blvd. in Colleyville; 620 South Main St. in Keller; 511 FM 544 in Murphy; 1975 Alpha Drive in Rockwall; and 4095 Kingswood Blvd. in Grand Prairie. The facilities are leased by a joint venture of Baylor Scott & White and Emerus. To acquire the properties, Rethink entered a joint venture with Heitman LLC, a global real estate investment management firm with over $53B in assets under management, and arranged debt financing from the healthcare arm of CIT, a division of First Citizens Bank. BlackBirch Capital was the exclusive financial adviser to the seller in this transaction.

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Carroll sold a 520-unit, garden-style community in Carrollton. The property represented the last remaining asset from a three-community portfolio acquired in 2017 that accounted for more than 1,100 units. 

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VSB Investments sold 6.75 acres of industrial land at 4621 Simpson Stuart Road in Dallas to Sajvir Singh and Jagwinder Singh. Nick Talley, executive vice president and managing partner of Bradford Commercial Real Estate Services, and senior associate Brandon Alexander represented the seller. LaJohna Carter of The Michael Group represented the buyer.

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CBRE announced the sale of Zander Park, a 160-unit, value-add multifamily community located at 700 South Story Road in Irving. Jordan Multifamily LLC purchased the asset from BW Zander Park LLC, operated by Milkman Capital MGR LLC, for an undisclosed price. Chris Deuillet, William Hubbard and Jaxx Davis with CBRE Capital Markets’ Investment Properties in Dallas represented the seller. Josh Berde, Andrew Woertendyke and Bond Foster with CBRE Debt & Structured Finance arranged the loan on behalf of the buyer.

CONSTRUCTION AND DEVELOPMENT

Holt Lunsford Commercial Investments, in partnership with Principal Real Estate Investors, is leading development efforts for Gateway Crossing Logistics Park, a Class-AA business park in Forney. The property, which includes three individual buildings totaling more than 1.8M SF, is expected to be delivered in late 2023 and will be leased by Josh Barnes and Canon Shoults of Holt Lunsford Commercial.

FINANCING

Joel Heikenfeld, senior vice president and senior director in Northmarq’s Dallas office, along with Senior Vice President James Currell, negotiated the joint venture financing for development of The Mustang, a 275-unit, Class-A+ multifamily project at 601 East Las Colinas Blvd. in Irving. The project is scheduled to be completed in 2024.