Fort Worth’s M2G Ventures, a real estate investment and development company, announced Aug. 25 the acquisition of 3500 Avenue E, a 141,658 square-foot urban industrial project and the construction of 3101 Pinewood, a 100,100 square-foot urban industrial redevelopment both located within the Great Southwest Industrial submarket.
Both assets, acquired in 2021, are the newest additions to the company’s urban industrial portfolio and continue to redefine what tenants can come to expect in the redevelopment of Class B products that meet today’s modern industrial standards. The redevelopments are expected to deliver soon, with Pinewood wrapping up by late September 2021 and Avenue E beginning construction in November 2021.
Located at 3101 Pinewood Drive and 3500 Avenue E, the redevelopments are strategically located in the Great Southwest submarket, with convenient access and unmatched advantages to a wide range of industrial users and multiple transportation nodes in the DFW Metroplex. The submarket is one of the tightest and most attractive in DFW, due to the low vacancy rate and super-regional location.
“We are pleased to continue increasing our DFW urban industrial portfolio of institutional quality assets,” said Susan Gruppi, co-president of M2G Ventures. “As one of the most active buyers in the DFW market, we are looking forward to creating places users want to be as our laser-focused acquisition strategy continues across the metroplex, including the Great Southwest.”
“With the acquisition of Avenue E and the redevelopment underway of Pinewood, we are bringing to market two sought after opportunities in one of the tightest submarkets in DFW,” said Jessica Miller Essl, co-president of M2G Ventures. “We look forward to bringing both buildings up to today’s modern industrial standards.”
The company is investing in strategic renovations for Avenue E, including storefront upgrades, roof repairs, enhanced power, lighting, landscaping, paving, and modern paint and exterior updates. The 8.59-acre property also includes the ability to have up to two acres of fenced yard space – one of the most unique opportunities in any DFW urban submarket. The building also possesses a modern 148’ truck court, 4,000 square-feet of SPEC office space, an 18-foot clear, rear and side loading.
Well-underway, Pinewood renovations include a new storefront, roof, landscaping, and new modern paint and exterior updates configured to meet all industrial needs like warehousing, assembly and logistics. The 20-foot clear modern industrial asset will feature 13 dock high doors, drive-in doors and 2,000 square-feet of SPEC office space. The company is also increasing the front load configuration’s truck court depth to meet today’s industrial standards.
Cameron Deptula and David Guinn of Davidson Bogel Real Estate represented M2G Ventures in the acquisition of Avenue E. Stephen Williamson and Adam Graham of Lee & Associates represented M2G Ventures in the acquisition of Pinewood.
For more information on leasing opportunities at Avenue E, please contact Luke Davis or Mike Knudsen of Stream Realty Partners. For Pinewood, please contact Stephen Williamson or Adam Graham of Lee & Associates.
In another deal in the Great Southwest Industrial submarket, Westmount Realty Capital LLC sold one of its legacy assets, Fountain Parkway, a 301,399-square-foot warehouse and manufacturing facility spanning approximately 14 acres in the popular Great Southwest Industrial Park in Grand Prairie on Aug. 24.
Westmount first purchased the property, located at 602 Fountain Parkway, in 1988. This property was one of the company’s first investments and established Westmount as a pioneer in the industrial real estate sector.
“The culmination of this investment is particularly gratifying for Westmount,” said Westmount Founder and Chairman Cliff Booth. “This building was acquired as a single-tenant facility with the original tenant ARA Industries and was transformed into a multi-tenant facility over time. We have a long and fruitful relationship with this property and wish the owners continued success with it.”
Great Southwest Industrial Park continues to be one of North Texas’ largest industrial parks, sitting on 7,000 acres in Grand Prairie and Arlington and has easy access to Interstate 30 and State Highway 360.
“The property served our national portfolio well for a long time,” said Julie Butticarlo, Westmount’s director of asset management. “Due to demand in the Great Southwest submarket, the current cap rate compression and the low number of comparable buildings for sale, we determined it was the optimal time to sell.”
Bollinger Industries, a manufacturer of fitness equipment, was a long-term lead tenant of this property for many years until the tenant base diversified and became multi-tenant in 2007.
The warehouse has 16 dock doors, five drive-in doors with up to 17-foot, 6-inch clear heights, warehouse exhaust fans, heavy power and outside storage. Westmount added a heat-resistant thermoplastic polyolefin (TPO) roof to the property, executed a significant lighting retrofit and improved the parking lot, adding an overlay, seal and new exterior paint. The property currently has 219 parking spots with expansion opportunity totaling 532 potential parking spaces.
Reed Parker and Adam Graham of DFW Lee & Associates represented the seller in the sale transaction.