M2G, Pennybacker Land Industrial Tenant in Dallas

PROTO Park. Image courtesy of M2G Ventures

An international aviation company has signed a 23,040-square-foot lease at PROTO Park in Dallas. Pennybacker Capital purchased the asset in 2020 from Denley Investment and Management, CommercialEdge data shows, and partnered with M2G Ventures in 2021 for the redevelopment of the asset. With this deal, the 250,108-square-foot repurposed industrial asset was brought to 90 percent occupancy.

CBRE Senior Vice President Ryan Buchanan negotiated on behalf of the tenant, while Stream Realty Partners Senior Vice President Sarah Ozanne and Vice President Lena Pierce represented the landlord.

Located at 3200 Irving Blvd., the asset is composed of two, Class A cross-dock buildings featuring dock levelers, dock bumpers, a truck court and 24-foot clear heights. The partnership transformed the industrial campus from a brick warehouse built in 1960’s to a high-end industrial development.

Situated on a 9-acre lot within the Brookhollow submarket, PROTO Park is close to Interstate 35 East, 3.4 miles from the city’s Design District, 4 miles from Dallas Love Field Airport and 6 miles from downtown Dallas.

Recent industrial leases in the Dallas area

There is only one, 25,078-square-foot space currently available for lease at the industrial property and companies that signed leasing deals recently include names such as Taxila Stone and Dynasty Spirits. The tenant roster also includes Morrison Supply Co., CommercialEdge data shows.

Careismatic Brands’ long-term lease at Ares Management and Archway Properties’ 1 million-square-foot facility in Dallas marks another recent notable transaction in the area. The apparel company will use the building as a distribution center.

Earlier this month, an architectural glass manufacturer signed a 184,281-square-foot lease, fully occupying CoreOne Industrial’s building, a former Coca-Cola bottling factory in Grand Prairie, Texas, also in metro Dallas.