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Data Center View - April 14, 2025 - NTT acquires Arizona site for $300 million

Data Center View - April 14, 2025 - NTT acquires Arizona site for $300 million

T5 acquires Chicago data center. Frasier Cole announces 190-acre site in Texas. Soluna secures $5 million. DataOne secures investment. Data center development in San Antonio is thriving. Two new data center deals.

Matt H
April 14, 2025

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NEWS ROUNDUP

ACQUISITION: NTT acquires Arizona site for $300 million. NTT Data Group has made a significant move in expanding its U.S. data center footprint with the $300 million acquisition of 173 acres in Mesa, Arizona. The sellers, Levine Investments and Andrew Cohn, originally purchased 1,805 acres of the former GM site for $45 million in 2004. With the latest sale, they retain about 580 acres. The transaction was brokered by Nate Nathan and Courtney Buck of Nathan & Associates, along with JLL. Zoning approvals for the site were secured last fall, enabling the development of a large-scale data center campus that could feature up to seven data halls totaling 1.7 million square feet, a 100,000-square-foot warehouse, and a 106,000-square-foot, two-story office building.

ACQUISITION: T5 acquires Chicago data center. T5 Data Centers has announced the acquisition of its CHI V data center site in Elk Grove Village. Located in the heart of the Chicago metro’s high-demand O’Hare submarket, the newly acquired seven-acre site is zoned for data center use and strategically positioned to support cloud and AI applications. T5 plans to develop a 220,000-square-foot facility on the property, offering 36 megawatts of critical IT capacity. The site will be ready for occupancy by 2028. David Horowitz, Senior Vice President and Head of Leasing at T5, confirmed that utility agreements are already in place with ComEd and construction will begin shortly. “This development will mark T5’s fourth project in the O’Hare submarket in recent years,” said Pete Marin, CEO & President of T5.

DEVELOPMENT: Frasier Cole announces 190-acre data center site in Texas. Frasier Cole, a Dallas-based commercial real estate firm, has announced plans for a 190-acre state-of-the-art data center campus in Glen Rose, Texas. The project represents a major investment in the region’s growing technology infrastructure and is set to position Glen Rose as a competitive hub for high-performance computing, cloud services, and artificial intelligence workloads. The site offers robust power availability, scalable infrastructure, and ample space to support hyperscale, enterprise, and colocation users.

FINANCING: Soluna secures $5 million. Soluna Holdings has secured a $5 million loan facility from Galaxy Digital. The financing will support Soluna’s ongoing project development and expansion strategy as it scales both Bitcoin mining and AI compute infrastructure. “This deal underscores the strength of our project cash flows and demonstrates investor confidence in our ability to monetize energy through AI and Bitcoin mining,” said John Belizaire, CEO of Soluna Holdings. The five-year loan agreement gives Soluna the option to prepay the loan in part or in full, subject to certain conditions. The security for the loan is limited to project-level assets, backed by a limited recourse parent guarantee. Max Bareiss, head of lending at Galaxy, added, “This deal reflects our confidence in Soluna’s business model and growth potential while underscoring our commitment to providing strategic capital to innovative companies at the forefront of technology.”

FUNDRAISING: DataOne secures investment. European data center developer DataOne is entering the U.S. market through a new partnership with Northeast Precast, a U.S.-based concrete manufacturing company. The collaboration marks a strategic investment by Northeast Precast, which has acquired a minority stake in DataOne’s newly formed American subsidiary, DataOne USA. The two companies will work together to accelerate the construction of next-generation AI data centers across the United States. Their first joint project will be a 300MW data center facility in Vineland, New Jersey, which will host European cloud provider Nebius and feature a behind-the-meter energy solution. The first phase of that project is expected to come online later this year. “I have been fortunate to start and successfully exit several businesses, so I know how to recognize extraordinary people,” said Charles-Antoine Beyney, CEO of DataOne. John Ruga, CEO of Northeast Precast, echoed that enthusiasm, highlighting the synergy between the teams and their shared vision for rapid, high-impact delivery in the AI infrastructure space.

READ: Data center development in San Antonio is thriving.