June 6, 2024

M2G Ventures Sells Dallas Industrial Project to California Firm

By Fort Worth Inc Staff, Fort Worth Inc, June 6, 2024

M2G Ventures, a real estate investment and development company based in Fort Worth, and equity partner Pennybacker sold the more than 250,000-square-foot PROTO Park industrial project at 3200 Irving Blvd. in Dallas to Irvine, California-based Bendetti.

Terms of the transaction were not disclosed.

“PROTO Park shifted the paradigm of urban industrial properties and created a new standard within the mature West Brookhollow industrial market. We are thrilled to see this asset make a complete reposition and, most of all, a successful investment for us and our partners, Pennybacker. That is a testament to the entire team.” – Jessica Miller Essl, Co-Founder, M2G Ventures

Pennybacker is a real assets investment manager based in Austin with approximately $4 billion in assets under management.

Founded in 1964, Bendetti has a four million-square-foot portfolio spanning Texas, California, Colorado, Nevada, and Utah.

The joint venture acquired PROTO Park in September 2020 and completed the redevelopment of the project in the fourth quarter of 2021. It transformed from a 1960s brick warehouse into a premier project of choice for logistics companies, consumer distribution tenants and e-commerce players unlike any other.

The property is 100% leased to Morrison Supply, Taxila Stone, Preziosa Stone, Dynasty Distilling and an undisclosed international aviation group.

“PROTO Park set the gold standard and broke the mold for redeveloped industrial assets in the West Brookhollow infill submarket. We had multiple offers in a very tough capital market, and we are pleased with the interest and congratulate Bendetti as the new owner.” – Jessica Miller Essl, Co-Founder, M2G Ventures

Newmark Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe, Analyst Travis McEldowney and Transaction Manager Caroline Wilson represented M2G Ventures in the sale.

Stream Realty Partners Senior Vice President Sarah Ozanne and Vice President Lena Pierce Thomas represented M2G for leasing.