M2G, Pennybacker Sell Fully Leased Dallas Industrial Park
A joint venture of M2G Ventures and Pennybacker Capital has sold PROTO Park, a 250,108-square-foot Class A industrial campus in Dallas. California-based The Bendetti Co. bought the asset. Newmark brokered the deal on behalf of the seller.
A fund managed by Bridge Investment Group provided the buyer with an acquisition loan, according to CommercialEdge.
Pennybacker Capital picked up the two-building industrial asset in September 2020 and partnered with M2G Ventures a year later for its redevelopment.
PROTO PARK is at 3200 Irving Blvd. in West Dallas. It features 24-foot clear heights, upgraded skylights and lighting, front and side loading options with new dock levelers and bumpers, more than 20 dock doors, two drive-in doors and a total of 172 vehicle parking spots. The redevelopment project at PROTO Park was completed during the fourth quarter of 2021.
Tenants Morrison Supply, Preziosa Stone, Dynasty Distilling, Taxila Stone and an undisclosed international aviation group fully occupy the asset. Stream Realty Partners is the leasing broker.
PROTO Park is a 9-acre industrial property within the West Brookhollow submarket. It is 4 miles from Dallas Love Field, 6 miles from downtown Dallas, 14 miles from Dallas-Fort Worth International Airport and within 30 miles of Fort Worth, Texas. Nearby major thoroughfares include Interstate 35 and U.S. State Highways 183 and 114.
Newmark Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe, Transaction Manager Caroline Wilson and Analyst Travis McEldowney negotiated on behalf of the joint venture.
Metroplex industrial investment remains on top
Dallas-Fort Worth investors traded more than $1 billion in industrial assets year-to-date through April, according to a recent CommercialEdge report. The metro ranked third nationwide, with The Bay Area leading the rankings ($2.2 billion) and Los Angeles ($1.4 billion) in the second spot.
Earlier this month, DRA Advisors acquired an eight-building portfolio in Plano, Texas. Link Logistics sold the fully leased, 846,261-square-foot infill property.
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