Skip to content
ANYWHERE DC

THE PATH · DEVELOPERS

The critical path to a powered site, underwritten step by step.

Land basis, power position, development cost, rent, and exit value at every stage. Plus the gates that de-risk each dollar before you spend it.

Talk it through with our teamJump to the value estimator →
Paid on resultsConfidential, NDA-firstNationwide

AT A GLANCE

Five steps. Exits at every one.

0

Assess & Control

SRL 0 → 1[weeks]. Timelines depend on the utility, jurisdiction, and site.

Site control and preliminary power screen.

What happens

  • Establish site control: option, contract, or JV contribution.
  • Run preliminary power screen against serving infrastructure.
  • Check tariff environment and large-load feasibility.

You do

  • Provide site control documentation.
  • Share target MW and timeline.

We do

  • Screen power path and entitlement feasibility.
  • Document tariff environment and queue position indicators.
  • Recommend advance or deprioritize.

Gate to advance

Site controlled + screen passed.

Risks we manage

  • Acquiring land without viable power path
  • Option terms that don't match utility timeline
  • Tariff surprises at reservation

Your exits at this step

Value at this step

Land basis at entry — $/MW before power position is confirmed.

0
1
2
3
4

Illustrative, not to scale.

[$ / acre range, raw land in target markets]

Internal

Raw land in target markets

Anywhere DC transaction comps, detail under NDA.

[typical MW per acre band by format]

Internal

Typical MW per acre band by format

Anywhere DC transaction comps, detail under NDA.

Market comparables, not an appraisal or an offer. Your site's value depends on its location, power, entitlement, and terms.

1

Reserve Power

SRL 1 → 2[months]. Timelines depend on the utility, jurisdiction, and site.Success fee: Capacity Reserved

Reservation package and capacity secured.

What happens

  • Reservation package limited to gate requirements: single-line, load profile, layout, site plan.
  • Deeper engineering deferred until requested.
  • Structure reservation against minimum-demand, term, and collateral terms; phase MW to contracted demand.

You do

  • Approve reservation package scope.
  • Confirm phased MW plan.

We do

  • Submit and manage utility reservation process.
  • Negotiate reservation terms within utility rules.
  • Deliver written utility confirmation.

Gate to advance

Utility confirms capacity reservation.

Risks we manage

  • Over-committing MW before demand is contracted
  • Collateral and minimum-demand exposure
  • Reservation terms that limit exit flexibility

Your exits at this step

Value at this step

Reserved land basis — $/MW with confirmed capacity.

0
1
2
3
4

Illustrative, not to scale.

[$ / MW range, land with reserved capacity]

Internal

Land with reserved capacity

Anywhere DC transaction comps, detail under NDA.

≈ $64K → $600K / acre

Reported

One reported Virginia assembly, ~18 months after entitlement

A single reported example; not typical and not a forecast.

HB Capital, Land 2026 · 2026

Market comparables, not an appraisal or an offer. Your site's value depends on its location, power, entitlement, and terms.

2

Deliver Power

SRL 2 → 5[months]. Timelines depend on the utility, jurisdiction, and site.Success fee: Power Delivered

Parallel paths to delivered power.

What happens

  • Entitlement, easements, service design, and utility scheduling run in parallel.
  • Equipment sequencing risk managed with long-lead procurement tracking.
  • Land basis steps up as power is delivered.

You do

  • Fund entitlement and construction per agreed scope.
  • Approve major schedule decisions.

We do

  • Coordinate parallel entitlement and utility construction.
  • Track transformer and switchgear lead times.
  • Deliver energization confirmation and SRL update.

Gate to advance

Power delivered at site; SRL 5 criteria met.

Risks we manage

  • Sequential delay between entitlement and construction
  • Long-lead equipment risk
  • Cost overrun on utility scope

Your exits at this step

Parallel paths

Entitlement, easement, and utility construction run at the same time — not one after another.

Entitlements

  • → Zoning
  • → Land use
  • → Permits

Utility

  • → Service design
  • → Equipment
  • → Construction

Site

  • → Easements
  • → ROW
  • → Access

Value at this step

Land basis step-up at power delivery.

0
1
2
3
4

Illustrative, not to scale.

[$ / MW range, land with delivered power]

Internal

Land with delivered power

Anywhere DC transaction comps, detail under NDA.

2–4× industrial land

Reported

Entitled, power-ready land vs. standard industrial values

Varies enormously by market and entitlement status.

HB Capital, Land 2026 · 2026

[ground lease range, $ / acre / yr or $ / MW / yr]

Internal

Ground lease

Anywhere DC transaction comps, detail under NDA.

Market comparables, not an appraisal or an offer. Your site's value depends on its location, power, entitlement, and terms.

3

Place the User (Lease or Sale)

SRL 5 → 5[months]. Timelines depend on the utility, jurisdiction, and site.Success fee: End User Placed

Powered shell, turnkey, or build-to-suit placement.

What happens

  • Structure comparison: powered shell vs. turnkey vs. build-to-suit.
  • Pre-leasing ahead of energization where market supports it.
  • Lease structure trends: power floors, ramp tranches, NNN terms.

You do

  • Select structure and approve lease/sale terms.
  • Fund shell construction per pro forma.

We do

  • Market site to qualified operators.
  • Structure lease or sale documentation.
  • Support pre-leasing and closing.

Gate to advance

End user placed — lease or sale executed.

Risks we manage

  • Pre-lease timing vs. construction schedule
  • Tenant credit and lease structure risk
  • Shell cost overrun vs. pro forma

Your exits at this step

Value at this step

Development cost, rent, and exit value at placement.

0
1
2
3
4

Illustrative, not to scale.

[powered shell rent range, $ / kW / month NNN]

Internal

Powered shell rent

Anywhere DC transaction comps, detail under NDA.

$100–$150 / kW / month

Reported

Hyperscale lease rates, primary U.S. markets (reserved power basis)

Quoted on reserved critical IT load; structures include power floors and ramp tranches.

Build, Hyperscale Data Center Lease Terms in 2026 · Jun 2026

$205 / kW / month

Published

Avg rate on new/expansion data center leases signed, Q2 2026 (one public operator)

Portfolio of mostly smaller deployments; not hyperscale pricing.

Iron Mountain Q2 2026 Supplemental (SEC Form 8-K) · Q2 2026

+8.3%

Published

H1 2026 rent growth, 3–10 MW requirements (primary markets)

Asking-rate change; 10+ MW rose 6.7%.

CBRE, North America Data Center Trends H1 2026 · H1 2026

Market comparables, not an appraisal or an offer. Your site's value depends on its location, power, entitlement, and terms.

4

Realize & Hold

SRL 5 → 5Ongoing

Stabilization, recap, and institutional exit.

What happens

  • Asset stabilizes with contracted NOI.
  • Recapitalization or sale to institutional buyer.
  • Sale-leaseback structures available for operating assets.

You do

  • Select hold, recap, or sale path.

We do

  • Support institutional marketing and closing.
  • Advise on recapitalization structures.

Gate to advance

Stabilized asset or long-term position.

Risks we manage

  • Cap rate movement at exit
  • Tenant rollover risk
  • Market liquidity for DC assets

Your exits at this step

Value at this step

Exit value = NOI ÷ cap rate. Value created = exit value − total cost.

0
1
2
3
4

Illustrative, not to scale.

≈ $12.0M / MW

Derived

Recent stabilized facility trade (72 MW for ~$860.6M)

$860.6M ÷ 72 MW. A single transaction, not a market average.

Capright, Data Center Market Update, Sept 2026 · Sep 2026

[exit cap rate band, verified]

Internal

Exit cap rate band

Anywhere DC transaction comps, detail under NDA.

Market comparables, not an appraisal or an offer. Your site's value depends on its location, power, entitlement, and terms.

EXIT MATRIX

Your options by step

StepHoldSellPartner / JVLease
1Retain reserved land positionSell reserved land (flip)JV with landowner or operator—
2Hold powered landSell powered landJV to build shellGround lease income
3Stabilized NOI holdSell to institutional buyerCo-GP on shellPowered shell NNN lease
4Long-term asset holdRecap or portfolio saleInstitutional JVSale-leaseback

Underwrite a site.

Illustrative estimator. Not an appraisal, offer, or projection of returns.

Site-specific ranges are shared in your briefing.

Internal transaction comps are required before this estimator can show numbers.

Talk it through with our team

Values shown are market comparables and illustrative ranges from cited third-party sources and Anywhere DC transaction experience. They are not an appraisal, an offer, a projection of returns, or investment advice. Actual outcomes depend on site, utility, jurisdiction, market conditions, and negotiated terms. Utility capacity and timelines are determined by utilities and are not guaranteed.

YOUR MEETING

What we'll cover in your meeting

  • Your sites or pipeline.
  • Power position.
  • Structure options.
  • Exit strategy.
  • Fee alignment with your milestones.

What to bring

  • Parcel list
  • Site plans
  • Any utility correspondence
  • Target MW and timeline

Frequently asked questions

Can you work on sites we control?
Yes. We work on developer-controlled sites, joint ventures, and acquisition targets. Site control structure is agreed at Step 0.
What goes in the reservation package?
Gate requirements only: single-line, load profile, layout, and site plan. Deeper engineering is deferred until you request it.
How do tariffs change underwriting?
Tariff minimums, collateral, and demand charges affect NOI and exit value. We disclose tariff terms per site after NDA.
Do you co-invest?
{{PH:coinvest_policy|[confirm]}}
How are fees timed?
Success fees align to utility milestones: capacity reserved, power delivered, and end user placed. No retainers for slide decks.
Which exit is most common?
It depends on basis and capital. We model each exit in your briefing.

About you

Values shown are market comparables and illustrative ranges from cited third-party sources and Anywhere DC transaction experience. They are not an appraisal, an offer, a projection of returns, or investment advice. Actual outcomes depend on site, utility, jurisdiction, market conditions, and negotiated terms. Utility capacity and timelines are determined by utilities and are not guaranteed.

Start with a confidential briefing.

Thirty minutes. No obligation. Detail under NDA when you're ready.

Request a BriefingRequest an NDA