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Dallas: 250,000 SF Industrial Building to Undergo Redevelopment

Feature Photo: 3200 Irving Boulevard, acquired by Pennybacker Capital LLC and M2G Ventures. Image: Google Streets/VBX graphic.

Posted: 1-26-2021

Dallas (Dallas County) — Two development companies have joined forces to take on a significant redevelopment of a 250,000 square-foot urban industrial structure at 3200 Irving Boulevard.

The brick commercial building has been home to the Morrison Supply Company, a supplier of plumbing parts. It is located in the West Brookhollow submarket in Dallas.

Pennybacker Capital LLC, a leading real estate private equity firm, and M2G Ventures, a North Texas-based real estate investment and development company, plan to rename the building PROTO Park.

PROTO Park will be the first industrial project of its kind in West Brookhollow. 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.

Method Architecture rendering of the acquisition after redevelopment.

The tenant suite interiors will be in “white-boxed” condition with upgraded utility systems and modern building features highlighting the project’s 20-foot to 24-foot clear heights.

Method Architecture is the architect of record on PROTO Park.

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.

For information on leasing opportunities at PROTO Park, please contact Jason Moser at 214-244-6144 or jmoser@streamrealty.com or Hanes Chatham at 214-267-0421 or hchatham@streamrealty.com. To learn more about PROTO Park, visit www.protodallas.com.

Edited from an M2G Ventures news release.

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By |2021-01-26T15:14:21-06:00January 26th, 2021|Feature Story, Industry News|

About the Author:

Adolfo Pesquera (Reporter/Editor) is a veteran news journalist. He has worked for Hearst Corp., American Lawyer Media, News Corp and Freedom Communications. His work has been published in newspapers and magazines across the USA. He is a journalism graduate of UT-RGV. He writes, edits and creates digital pages for VBX.

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