Pennybacker Capital LLC and M2G Ventures 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.
Designed by Method Architecture, PROTO Park will be the first industrial project of its kind in West Brookhollow. The sophisticated 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- to 24-foot clear heights.