M2G Ventures, a North Texas-based real estate investment and development company, and Pennybacker Capital LLC, a data-driven real estate private equity firm, have purchased the 1.19-million-square-foot industrial distribution facility and corporate store formerly owned by Tuesday Morning, located at 14303, 14621, 14601, 14639 Inwood Road and 4404 S. Beltwood Pkwy in Farmers Branch, Texas.
The agreement also includes Tuesday Morning’s 105,000-square-foot headquarters, located at 6250 Lyndon B Johnson Freeway in Dallas. Stephen Williamson and Adam Graham of Lee & Associates represented the partnership on this transaction.
“We are pleased to partner with Pennybacker to unlock value for Tuesday Morning, while significantly growing our urban industrial portfolio,” said Jessica Miller Essl, co-founder of M2G Ventures. “This transaction is an important milestone in M2G’s history, for Tuesday Morning, and the industrial market, collectively.”
The 46.7-acre assemblage is located along Inwood Road within the 95 percent occupied Metropolitan Addison submarket. The site is located less than 20 minutes from both downtown Dallas and DFW International Airport, providing access to over 3.5 million people within a 30-minute drive-time. The buildings have clear heights in excess of 26 feet across the portfolio and are in immediate proximity to affluent growing areas including Addison, Richardson, Northwood Hills, Farmers Branch and Carrolton along with the Galleria shopping district.
The size of this portfolio offers optionality and serves as one of the largest single-market urban industrial plays in recent news.
“There is more to come in 2021, but this is certainly a historic moment for all and the market as a whole,” said Miller Essl.