Northwest Dallas industrial project gets reboot
With the demand for storage space in North Texas at a high level, two real estate investors are redeveloping an aging business park in northwest Dallas.
Austin-based Pennybacker Capital and Fort Worth-based M2G Ventures are redeveloping 250,000 square feet of land on 3200 Irving Boulevard in Dallas’ Brookhollow area.
The 9 acre industrial project, which was built in the 1960s, is renamed Proto Park.
“We are excited to partner with M2G to create a creative new standard for urban-industrial space in the sought-after Dallas-Fort Worth marketplace,” said Thomas Beier, Pennybacker Capital partner and portfolio manager, in a statement. “We named the project Proto Park because we want it to be a prototype of innovation where tenants don’t have to forego form, function or design in order to meet their needs.”
The construction of the project should be completed this year.
Method Architecture designed the redo.
Property upgrades include changes to the outside of the building, new paving stones, landscaping, and signage on Irving Boulevard.
“Together with Pennybacker Capital, we intend to transform this asset into a world class industrial project that shows the possibilities when thoughtful design is applied to logistics, distribution, showroom and warehouse needs in a place where users really want to be. Said Jessica Miller Essl, co-founder and co-president of M2G Ventures.
David Guinn and Cameron Deptula from Davidson Bogel Real Estate brokered the sale.
The Northwest Dallas industrial project is Pennybacker Capital’s and M2G Ventures’s second new business in North Texas.
Investors recently purchased 1.2 million square feet of industrial and office space on Inwood Road and LBJ Freeway from retailer Tuesday Morning.
Tuesday morning – which was bankrupt – rented the property back.
Pennybacker Capital is a real estate private equity investment manager with offices in Austin, Denver, New York and Nashville.
M2G Ventures invests in real estate in North Texas and is the retail partner in the refurbishment of Fort Worth’s historic warehouse for $ 200 million.