August 18, 2022
New Landlord Seeks Artful Refresh in Dallas Area Known for Aging Industrial Real Estate
By Candace Carlisle, CoStar News, August 18, 2022
M2G Ventures Begins Latest Redevelopment Project Near Dallas Design District After Recent Purchase
Months after making a rare purchase near the Dallas Design District, a real estate firm founded by twin sister developers who make aging industrial buildings new again have unveiled plans to redevelop and rebrand the industrial buildings into a modern, urban industrial campus.
M2G Ventures, led by co-founders Jessica Miller Essl and Susan Gruppi, recently unveiled plans for The Archetype at 3131 Irving Blvd. into a modern, urban industrial campus after buying the property earlier this year. The real estate firm did not disclose the cost of the proposed redevelopment but said the project plans include “major capital improvements, storefront upgrades, environmental graphics, enhanced landscaping and hardscaping, lighting upgrades and public art installations,” executives said.
Essl, co-founder of the Fort Worth-based firm, said there is an “immense opportunity” for the project identity and name to capture the firm’s “innovative redevelopment approach,” and connect with tenants while creating differentiation in the market for discerning brands to thrive in this urban industrial area. According to CoStar data, the property is nearly 78% leased, leaving some opportunities for new leases.
The six-building industrial property, once known as Commonwealth Center, is expected to attract tenants seeking to lease 2,500 square feet to 25,000 square feet of industrial space. The space is ideal for use as a showroom, medical space, as well as logistics and e-commerce tenants. One single building is available for lease totaling 25,000 square feet and facing Irving Boulevard.
By bringing art to the project, M2G Ventures hopes to attract tenants seeking a modern industrial facility with murals installed by artist Josh Dodson and curated art by the firm’s chief creative executive, Katie Murray. Each art installation is curated to visually extend the rebrand of the property, Murray said.
In this area of Dallas, most of the buildings lack the specifications for modern distribution and e-commerce tenants, according to CoStar’s market analysts, because the majority of the supply of industrial real estate was built prior to 1980. This industrial campus being redeveloped by M2G Ventures was built in 1980. Even with the older stock of industrial buildings, this part of the city has a vacancy rate hovering at 3% because of its infill location and proximity to multiple highways and freeways.
Amy Castellanos, senior vice president of development, said the property’s location and easy access to Dallas-Fort Worth’s most affluent and densely populated areas makes it attractive to tenants. In all, the project redevelopment will bring more than 112,000 square feet of redeveloped industrial space to the city. A timeline of the project was not immediately available.
For the Record
Chase Miller and Everett James of NAI Robert Lynn is represented M2G Ventures in leasing the property.