Hines Sells Dallas Mixed-Use Asset

M2G Ventures has purchased Inwood Design Center, a 14-building, 740,000-square-foot, mixed-use asset in Dallas including retail, showroom and light industrial space. Hines previously owned the park, according to CommercialEdge information.

Hines had acquired the campus in 2019 from Vantage Cos., with plans at the time to reposition the property through a revamp to the buildings’ facade, signage, lighting and landscaping. Two years later, the park became subject to a $44 million note with a maturity date set for 2027 issued by AIG, the same source shows.

M2G also plans to further improve the park with overhauls to the branding, art and signage, including upgraded exteriors, storefronts, parking, landscaping, lighting and public art, among other enhancements.

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The buildings—completed between 1961 and 1978—were 93 percent leased at closing. Tenants include furniture retailer Crate & Barrel, logistics company White Glove Storage and Delivery, as well as 3PL firm Granimport USA, to name a few.

Located on 38 acres at 1110 Inwood Road, the infill mixed-use property is less than 5 miles from downtown Dallas and roughly 15 miles southeast of the Dallas Fort Worth International Airport.

Bullish on the West Brookhollow submarket

Inwood Design Center is in the West Brookhollow submarket, which has a 7 percent vacancy rate across its 43 million-square-foot industrial inventory and a 7 percent average annual rent growth trailing five years.

Also within the same submarket, M2G owns Archetype, another mixed-use property featuring flex, showroom, retail and shallow-bay industrial space. The company overhauled the park’s six buildings with a series of renovations similar to the ones planned for Inwood Design Center.

M2G leans into infill acquisitions

Inwood Design Center’s acquisition delineates M2G’s continuous approach to acquire infill industrial properties on an institutional scale, according to a company statement.

This purchase is also the latest in M2G’s shopping spree. During the past three months, the company acquired a 50,000-square-foot, mixed-use asset in Austin, Texas, and two industrial parks in Dallas, encompassing 188,000 and 215,000 square feet. The purchases were made through M2G Venture’s general partner equity fund, Grey Swan I.