Fort Worth-based developer M2G Ventures has joined forces with a real estate investor from Austin to redevelop an industrial park in Dallas.
Partnering in the redevelopment of the 250,000-square-foot industrial property at 3200 Irving Boulevard in Dallas is Pennybacker Capital LLC.
The nine-acre site, adjacent to Dallas’ Design District, is located at the West Brookhollow submarket, in close proximity to Uptown Dallas, Downtown Dallas and Dallas Love Field.
The project partners are calling the project PROTO Park.
“We are excited to partner with M2G to build a creative, new standard for urban-industrial space in the coveted Dallas-Fort Worth market,” Thomas Beier, partner and portfolio manager, value funds at Pennybacker Capital said in a statement. “We named the project PROTO Park because we want it to be a prototype of innovation, where tenants will not have to sacrifice form, function or design to meet their needs.”
A Chicago-style brick warehouse built in the 60s stands on the property. The redevelopment plan consists of a significant overhaul of the property.
The developers want to turn PROTO park into a “first-class” modern industrial space. It will include new site upgrades, utility upgrades and extensive exterior finishes both to the façade and building structures, new accent and site lighting, new paving, enhanced parking and loading areas, water-efficient landscaping, and prominent monument signage on Irving Boulevard.
Houston-based Method Architectures serves as the project’s architect.
Public records indicate several tenants currently occupy more than half of the total space available in the industrial facility.
“Together with Pennybacker Capital, we intend to redevelop this asset into a first-class industrial project, one that showcases the possibilities when thoughtful design is applied to logistics, distribution, showroom, and warehouse needs in a location where users truly want to be,” said Jessica Miller Essl, co-founder and co-president of M2G Ventures.
PROTO Park follows last week’s announcement of another industrial project where M2G Ventures and Pennybacker Capital are partnering.
The two investors jointly acquired 1.19 million-square-foot of industrial space, which also included retailer Tuesday Morning’s headquarters, in Farmers Branch.