M2G Ventures JV Sells DFW Industrial Asset
M2G Ventures, in partnership with Pennybacker Capital, has sold a 241,004-square-foot industrial building within its Inbound on Inwood redeveloped park in Addison, Texas. The buyer is WareSpace, a Maryland-based provider of micro warehousing space. Rich Young Co. and Lee & Associates worked on behalf of the seller.
The asset is within the Platinum Corridor South submarket of Dallas-Fort Worth, at 14621 Inwood Road. The facility is located on the North parcel of the multi-building industrial park.
The property dates back to 1977 and includes sky lights, an office build-out component, loading doors, dock levelers and bumpers, a large truck court and 58 vehicle parking spots. Sitting on a nearly 10-acre lot, the building is 12 miles from Dallas, 17 miles from Dallas Fort Worth International Airport and within 40 miles of Fort Worth, Texas.
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Currently there are two buildings available for sale within the Inbound on Inwood industrial complex, namely the remaining 731,103-square-foot building at 14303 Inwood Road and the 154,793-square-foot property at 4404 S. Beltwook Parkway.
Back in late 2020, M25 and Pennybacker acquired the 1.1 million-square-foot property from Tuesday Morning. The asset served as its distribution hub and corporate headquarters. The portfolio deal included six properties with industrial, office and retail space that traded at an estimated sale price of $70.3 million, according to CommercialEdge. The sale was completed out of a Chapter 11 bankruptcy and closed in early 2021.
A short history of the redevelopment
The partnership transformed and upgraded the asset into a modern industrial park, rebranding it into Inbound on Inwood. The redevelopment included major upgrades and capital improvements for both interiors and exteriors.
Rich Young Co.’s President Rich Young Jr. and Principals Adam Graham and Stephen Williamson with Lee & Associates negotiated on behalf of the seller. The same team is marketing for sale the remaining industrial buildings on the 33-acre South parcel of the campus.
Inbound on Inwood is not the only redevelopment project on which M2G Ventures worked together with Pennybacker Capital in the Metroplex. In early 2021, the companies partnered to redevelop a 250,000-square-foot brick warehouse in Dallas into an urban industrial project. After its completion, the project was rebranded as PROTO Park and, earlier this year, was sold by the owners to The Bendetti Co.
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