M2G Ventures Lands Tenant for Dallas Redevelopment

3101 Pinewood Drive. Image courtesy of Stream Realty Partners

Less than a month after completing two full-building leases at North Quarter 35, in Fort Worth, Texas, M2G Ventures has signed another full-building lease, this time with a tech company at 3101 Pinewood Drive in Arlington, Texas.

Stream Realty Partners represented the landlord in the lease negotiations for the newly redeveloped 100,130-square-foot facility, while CBRE worked on behalf of the tenant.

The teams included Stream Senior Vice President Luke Davis and Associate Mike Knudsen, with CBRE Executive Vice President Steve Koldyke and Senior Vice President Brian Gilchrist on the tenant’s side.

The Dallas-Fort Worth market absorbed a total of 8.5 million square feet of industrial space in the first quarter, according to a recent Cushman & Wakefield report. The overall industrial vacancy rate across the Metroplex dropped 30 basis points quarter-over-quarter, reaching 5.0 percent.

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Notable leases signed during this period include Nike and Amazon inking a 1 million-square-foot lease each, both in South Dallas. Meanwhile, among other noteworthy move-ins, Saddle Creek occupied 861,000 square feet in South Fort Worth. Recently, Samsung and Starplast USA agreed to occupy 1.1 million square feet of industrial space, leaving Duke Realty Corp.’s approximately 23 million-square-foot Texas industrial footprint fully occupied.

One of the emerging demand trends highlights tenants’ preference for infill locations over more efficient, contiguous space in remote submarkets. With looming increases in transportation costs, this trend will likely continue, David Eseke, managing director at Cushman & Wakefield, said in prepared remarks.

3101 Pinewood Drive. Image courtesy of Stream Realty Partners

The single-tenant redevelopment

After sitting vacant for a decade, M2G Ventures acquired the 1977-built property in the Great Southwest-Arlington submarket in 2021. Within a year, the owner redeveloped the front-load warehouse with the help of a financing package funded by First United Bank & Trust Co., according to Tarrant County records.

Capital improvements for 3101 Pinewood Drive included landscaping, the addition of a 2,070-square-foot speculative office, a glass storefront, a new roof, an open layout, as well as expanding the truck court to 120 feet. The building features a 22-foot clear height, four drive-in doors along with 13 loading docks, which include four with levelers.

The industrial building is within 2 miles of Grand Prairie Municipal Airport and less than a mile from Texas State Highways 360 and 303. Downtown Dallas is 19 miles away, while downtown Fort Worth is some 23 miles northwest.