Pennybacker, M2G to Redevelop Dallas Industrial Asset
- Jan 27, 2021
Pennybacker Capital and M2G Ventures have partnered on the redevelopment of a 250,000 square-foot urban industrial project in Dallas dubbed PROTO Park. Completion is anticipated later this fall.
According to CommercialEdge data, Pennybacker purchased the asset last September. First United Bank and Trust Co. provided financing acquisition to facilitated the deal.
The 1960’s Chicago-style brick warehouse will be transformed into a state-of-the-art industrial facility. Plans call for exterior finishes, new paving and site lighting, enhanced parking and loading areas, water-efficient landscaping and prominent monument signage. The tenant suite interiors will undergo utility system upgrades and improvements aimed at underscoring the building’s clear heights, ranging between 20 and 24 feet. Method Architectures will provide architectural services.
Located at 3200 Irving Blvd., on 9 acres, the site is just off Interstate 35E. The project is 5 miles from downtown Dallas and 14 miles from DFW International Airport.
The redevelopment marks the partnerships’ second deal in the Metroplex. Recently, M2G and Pennybacker acquired a 1.2 million-square-foot portfolio of distribution centers and corporate headquarters from retailer Tuesday Morning in a sale-leaseback transaction. Lee & Associates’ Stephen Williamson and Adam Graham represented the buyers.
The Metroplex’s industrial market remained stable in 2020, despite the pandemic. According to a JLL report, some 33.7 million square feet were delivered between the fourth quarter of 2019 and September 2020, setting a new record for the Dallas-Fort Worth metro area.