May 1, 2023
M2G Ventures Buys N. Austin Building, ‘Just the Beginning’ of Industrial Repositioning Strategy
By Cody Baird, Austin Business Journal, May 1, 2023
A Fort Worth-based real estate investment firm that announced late last year plans to expand into Austin has purchased its first property in the city.
M2G Ventures LLC, in partnership with Chicago-based Blue Vista Capital Management LLC, on April 12 purchased a 54,000-square-foot light industrial property at 4806 Commercial Park Dr. in North Austin. The seller was Missouri-based East Monroe Block LLC, according to Travis Central Appraisal District records.
The purchase of the 1980s-era industrial building fits in with the strategy of MG2, a women-owned business that often invests in and revitalizes older properties.
“M2G will expand our strategic value-add approach seen throughout the DFW industrial market and invest significant capital to upgrade the property, which was built in 1983 and last updated about a decade ago. Renovations will offer a refreshed, innovative redevelopment that appeals to modern industrial users.” – Brett Zimmerman, Principal, M2G Ventures
M2G plans renovations including enhanced landscaping, move-in ready interior offices, storefront upgrades, new signage, painting the building and extending a food court.
Aquila Commercial’s Leigh Ellis, Will Sikora and Chris Perry brokered the sale and will handle leasing for the project.
M2G said it targeted the building’s neighborhood because of proximity to growth and strong demographics. The property is located near U.S. 183, U.S. 290 and State Highway 130, providing quick access to roadways headed to Austin’s surrounding communities and beyond.
“This strategy is consistent with what we have completed in several assets in DFW, including one of our flagship investments, Proto Park.” – Jessica Miller Essl, Co-Founder, M2G Ventures
The purchase of 4806 Commercial Park is “just the beginning” of its plans in Austin, she added.
M2G is known in DFW for modernizing industrial buildings and ended 2021 with more than $1 billion in its development pipeline, Dallas Business Journal reported. The firm redeveloped a 250,000 square feet of 1960s-era warehouses in Dallas into Proto Park, with numerous showrooms for tenants needing less than 50,000 square feet.