January 26, 2021
Northwest Dallas Industrial Project Gets Reboot
Brookhollow industrial property gets makeover in second recent deal by investors.
By Steve Brown, Dallas Morning News
10:10 AM on Jan 26, 2021
With demand for North Texas warehouse space at an all-tome high, two property investors are redeveloping an aging business park in Northwest Dallas. Austin-based Pennybacker Capital and M2G Ventures of Fort Worth are redeveloping the 250,000-square-foot property at 3200 Irving Boulevard in Dallas’ Brookhollow area. The 9-acre industrial project which was built in the 1960s is being renamed 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. 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.”Thomas Beier, Pennybacker Capital Partner and Portfolio Manager
Construction on the project is set for completion later this year. Method Architecture is designing the redo. Upgrades to the property include changes to the building exteriors, new paving, landscaping and signage on Irving Boulevard.
“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.”Jessica Miller Essl, co-founder and co-president of M2G Ventures.
The Northwest Dallas industrial project is Pennybacker Capital and M2G Ventures’ second new deal in North Texas. The investors recently purchased 1.2 million square feet of industrial and office space on Inwood Road and LBJ Freeway from retailer Tuesday Morning. Tuesday Morning – which has been in bankruptcy – is leasing back the properties.
Pennybacker Capital is a real estate private equity investment manager with offices in Austin, Denver, New York and Nashville.
M2G Ventures invests in North Texas properties, and is the retail partner in the $200 million redevelopment of Fort Worth’s historic stockyards.