SAN FRANCISCO AND WASHINGTON, D.C. — Data center REIT Digital Realty Trust Inc., (NYSE: DLR) has entered into an agreement to acquire competitor DuPont Fabros Technology Inc. (NYSE: DFT) in an all-stock merger with an enterprise value of $7.6 billion. The deal’s enterprise value includes $1.6 billion of assumed debt that is expected to be refinanced with a combination of investment-grade corporate bonds, among other securities. The merger is expected to close during the third or fourth..
DALLAS — A subsidiary of Michigan-based energy solutions firm Paradise Ridge Hydrocarbons Inc., which has provided equipment and services for cannabis growers in Washington, Oregon and Colorado, has purchased a 31,800-square-foot facility in Dallas. Branded the Agri-Campus Headquarters, the property offers a mix of office and warehouse space. The company plans to acquire and develop similar real estate projects in Texas in anticipation of the state legalizing cannabis.
SAN ANTONIO — The University of Texas at San Antonio has broken ground on Phase I of construction for a new, $95 million Science and Engineering Building. Designed by San Antonio-based Alamo Architects and national architecture firm TreanorHL, the four-story, 153,000-square-foot building is the largest construction project in school history. Scheduled for a May 2020 completion, the project is funded primarily by tuition revenue bonds approved during the 2015 Texas legislative session.
HOUSTON — McCarthy Building Cos. Inc. has broken ground on Phase II of the campus expansion of the Museum of Fine Arts in Houston. Phase II includes the construction of the Nancy and Rich Kinder Building, a 243,632-square-foot gallery for modern and contemporary art. The building will also feature a 200-seat theater, street-level café, restaurant overlooking the sculpture garden and a 115-space underground parking garage. Completion is slated for late 2019.
ATLANTA — Lincoln Property Co. Southeast, in conjunction with its data center division Lincoln Rackhouse and a joint venture partner advised by Bailard Inc., has purchased an 88,000-square-foot data center in Atlanta from The Coca-Cola Co. in a sale-leaseback transaction. Coca-Cola will lease the facility from Lincoln through 2018 as the company continues to migrate its IT apps and data to cloud-based services. The new ownership plans to master lease the data center to a co-location provider..
SAVANNAH, GA. — Ziff Properties Inc. has sold the Manger Parking Garage, a 420-space parking structure located at 115 E. Congress St. in Savannah. A local buyer purchased the asset for $20 million. Ziff Properties has retained the historic Manger Building, an adjacent 118,059-square-foot office building located at 7 E. Congress St. Todd Casper and Michael Hassler of CBRE’s Houston office represented Ziff Properties in the transaction.
CYPRESS, TEXAS — Newcor Commercial Real Estate has negotiated the sale of two 5.5-acre tracts in the Houston metro of Cypress for the development of Piney Woods Storage @ Oakcrest. The facility will feature 200,000 square feet of climate-controlled storage space, 150,000 square feet of boat and RV storage space and 18,000 square feet of office and warehouse space. David Alexander of Newcor represented the buyer, Piney Woods Storage @ Oakcrest LLC in the purchase of both tracts of land.
WYLIE, TEXAS — Younger Partners has brokered the sale of 11 acres at 455 FM 1378 in the northern Dallas suburb of Wylie. The land will be used in the development of Collin College’s Wylie Campus, a three-building, 360,000-square-foot project that will be able to serve 7,500 students. Tom Grunnah of Younger Partners represented the buyer, Collin County Community College District, in the transaction. The campus is currently expected to open in 2020.
FORT WORTH, TEXAS — The American Paint Horse Association (APHA), an equine breeding association, has moved its headquarters from the 40,000-square-foot office building at 2800 Meachem Road to the Fort Worth Stockyards Horse and Mule Barns, an 11,252-square-foot build-to-suit property. The APHA is the first tenant to lease space in the redevelopment, which will undergo a $50 million restoration project expected to be complete by the end of 2018. NAI Robert Lynn represented APHA in the lease..
TYLER, TEXAS — The University of Texas Health Northeast in Tyler will add a three-story, 89,000-square-foot building to its School of Community and Rural Health. A developer of the project has not yet been named. Dallas-based architecture firm Smith Group is designing the project, which has an estimated cost of $39 million. Expected to be complete within 18 months of groundbreaking this summer, the building will house classrooms, offices and administrative space.