September 22, 2022

M2G Ventures Sells Foundry District to N.C. Investor

ByMarice Richter, Fort Worth Business Press, September 22, 2022

Fort Worth’s innovative, mixed-use Foundry District has been sold by local developers M2G to a North Carolina-based real estate firm company that specializes in revitalizing and operating commercial urban spaces.

Asana Partners of Charlotte, North Carolina, acquired the five-acre district with Chris Harden and Kris Von Hohn of Cushman & Wakefield brokering the transaction. The purchase price was not announced.

This is the latest Dallas-Fort Worth acquisition for Asana Partners, which already owns 43 buildings in Deep Ellum, over 400,000 square feet of commercial space in Victory Park and The Hill shopping center in Dallas.

“The Foundry District is a wonderful strategic fit for our portfolio of neighborhood mixed-use properties in dynamic locations,” Brad Kantrowitz, director at Asana Partners, said in a news release.

“This project has a reputation for bringing the best that Fort Worth has to offer into one central location, including art, amenities and a compelling mix of local tenants,” Kantrowitz stated.

Fort Worth-based M2G Ventures, led by twin sisters Jessica Miller Essl and Susan Gruppi, developed the Foundry District, which includes 98,000 square feet of redeveloped, mid-century warehouses anchored by Inspiration Alley, Texas’ largest outdoor art gallery.

M2G Ventures acquired the property at 200 Carroll St. between 2015 and 2019 and redeveloped the space into showrooms, creative offices, shops, and food and beverage spots.

The Foundry District is 95 percent leased and includes established tenants such as Blackland Distillery, Maple Branch Craft Brewery, GL Seaman & Company, Thirty Eight & Vine and Doc’s Records & Vintage.

Two new businesses, a Dallas-based Tex-Mex eatery and a non-profit yoga studio, recently signed leases in the Foundry District, according to M2G officials.

From the beginning, the Foundry District has attracted imaginative and unconventional businesses and drawn patrons seeking to support hip, new spots.

Providing a development of experience-driven businesses has always been a priority of M2G Ventures, according to Gruppi, co-founder of M2G Ventures.

“It has always been about inspiring evolution through impact and innovation,” she stated, noting that the new owners will continue to carry out M2G’s vision for the district.

“Asana Partners’ track record of investing in experiential destinations like The Foundry District makes them the ideal ownership group for this property,” Gruppi said. “They share the vision we have for what had been an underutilized industrial pocket that is now a part of Fort Worth’s foundational culture.

“We look forward to watching them continue to invest in and build on the inspiring momentum of the district,” she said.

 M2G Ventures is a Certified Women-Owned business that specializes in investment in adaptive reuse mixed-use development projects and ground-up development of urban industrial properties.