FORT WORTH, Texas, Jan. 26, 2021 /PRNewswire/ -- Pennybacker Capital LLC, a leading real estate private equity firm, and M2G Ventures, a North Texas-based real estate investment and development company, today announced a significant redevelopment of a 250,000 square-foot urban industrial project at 3200 Irving Boulevard in the West Brookhollow submarket in Dallas. The firms, which are partnering on the project, have named it PROTO Park.
PROTO Park will be the first industrial project of its kind in West Brookhollow. The sophisticated new design, expected to be completed by late fall 2021, aims to attract the most discerning, innovative light industrial and logistics users.
"We are excited to partner with M2G to build a creative, new standard for urban-industrial space in the coveted Dallas-Fort Worth market," said Thomas Beier, partner and portfolio manager, value funds at Pennybacker Capital. "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."
The nine-acre site is close to Uptown Dallas, Downtown Dallas and Dallas Love Field, an ideal location with easy access to the city's densely populated areas. Adjacent to Dallas's Design District, the site represents one of the most in-demand locations in the DFW industrial market, making the building a premier home for logistics, consumer distribution and e-commerce tenants.
"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," said Jessica Miller Essl, co-founder and co-president of M2G Ventures.
PROTO Park will be transformed from a 1960s Chicago-style brick warehouse into a first-class modern industrial project. Redevelopment plans include new site upgrades and extensive exterior finishes both to the façade and building structures, new accent and site lighting, new paving, enhanced parking and loading areas, water-efficient landscaping, and prominent monument signage on Irving Boulevard. The tenant suite interiors will be in "white-boxed" condition with upgraded utility systems and modern building features highlighting the project's 20' – 24' clear heights.
Method Architectures is the architect of record on PROTO Park.
To learn more about PROTO Park, visit www.protodallas.com.
ABOUT PENNYBACKER CAPITAL MANAGEMENT
Pennybacker Capital Management is a leading real estate private equity investment manager with offices in Austin, Denver, New York, and Nashville. The firm pursues value, credit and income and growth strategies across all real estate asset classes.
Pennybacker has a proven 12+ year track record of investing in and/or operating more than $3.3 billion of real estate value throughout the United States. To date, the firm has sponsored six discretionary value-add real estate private equity funds, two real estate credit funds, and four income and growth separate accounts. For more information, please visit https://www.pennybackercap.com.
ABOUT M2G VENTURES
Guided by the company's purpose to inspire evolution through impact and innovation, M2G Ventures carefully invests in distinctive, mixed-use, and industrial development projects primarily located in the Dallas/Fort Worth metroplex. The fast-growing company has become a leading voice in the industry through a bold strategy anchored by a dedication to innovation. In addition to its $220 million investment portfolio, the company specializes in strategic consulting for legacy projects, currently serving as the exclusive retail partner of the $200 million redevelopment of Mule Alley in the historic Fort Worth Stockyards. The company's capstone is a social impact arm focused on changing the way we treat mental health. www.m2gventures.com.
SOURCE M2G Ventures