This Week's Dallas-Fort Worth Deal Sheet: M2G Ventures Acquires 2 Industrial Properties In Dallas
Real estate investment and development company M2G Ventures raised Grey Swan I, its first general partner equity fund, and made its first two acquisitions in the Redbird area of Dallas.
The two-building Mint Way portfolio is a 150K SF, multitenant, shallow-bay property on nearly 7 acres at 4647 Mint Way, while Platinum Way is a 120K SF, single-tenant industrial building at 4130 Platinum Way.
“The recent volatility in real estate capital markets has created opportunities for our teams to find strong risk-adjusted returns in our target asset classes and geographies,” M2G Ventures co-founder Susan Miller said in a statement. “We believe the market will create opportunities for entrepreneurial groups like M2G which can move swiftly and strategically to take advantage of the dislocation in 2024 and beyond.”
PEOPLE
Haynes and Boone LLP added Ben Herd as a real estate partner in the firm’s Dallas office. Herd, who was previously with Holland & Knight LLP, has practiced in Dallas for almost 25 years.
SALES
Institutional Property Advisors facilitated the sale of Grand Riviera, a 206-unit multifamily property in Irving, last week. The two-story garden-style complex was built in 1972 and features two swimming pools, a dog park and a picnic area. The buyer, Lone Star Capital, was secured by IPA’s Taylor Hill, William Hubbard, Drew Kile, Joey Tumminello and Michael Ware. They also represented the seller, Eagle Property Capital.
***
Industrial real estate investment company CapRock Partners acquired a 32.5-acre property in Sunnyvale in an off-market transaction, with plans to make it a Class-A industrial park. The future Clay Road Business Park will consist of three warehouses totaling around 518K SF. It is slated for a groundbreaking next year, while the project is expected to be completed in 2026. JLL’s Kurt Griffin, Nathan Orbin, Dalton Knipe and Weston King represented CapRock.
***
Real estate manager Origin Investments purchased the 300-unit multifamily development The Starling in Princeton as its first Delaware Statutory Trust acquisition. Developed in 2022, The Starling is a 12-acre property featuring 11 three-story, garden-style, Class-A residential buildings. The development features a resort-style pool, two private business offices, a conference room and a dog park.
***
Trive Real Estate Equity Management bought a 57K SF property at 7 Justice Way in Dallas. Trive and the seller, HTH 9800 Stemmons LLC, were represented by Stream Realty Partners’ Giovanni Scardino and Jason Moser.
LEASES
Aviation services provider Atlantic Aviation leased a full floor of nearly 27K SF at Granite Park 6 in Plano, according to a press release from Granite Properties and Highwoods Properties. Granite was represented by the company’s Robert Jimenez, Burson Holman and Elizabeth Fortado, while Atlantic Aviation was represented by Cushman & Wakefield’s Ryan Hoopes and Tom Sutherland.
***
Building products company Fibergrate Structures is moving its corporate headquarters to the 102K SF FarmWorks One office building at The Farm in Allen next year, developer JaRyCo Development announced. Fibergrate was represented by Citadel Partners' Mac Morse, Jakey Younger and Scott Morse. Newmark’s Nathan Durham and Duane Hendley represented FarmWorks One.
***
Owens Corning leased almost 293K SF at Core45 in the southeast Dallas County city of Wilmer. Stream Realty Partners’ Ridley Culp, Luke Davis and Matt Dornak represented the landlord, Grandview Partners, while the tenant was represented by CBRE.
***
IBM renewed its 70K SF lease at Plano Parkway/190 Business Center in Plano. The landlord, Barings, was represented by Stream Realty Partners’ Ryan Wolcott and James Mantzuranis. IBM was represented by Cushman & Wakefield.
***
SiriusXM renewed its 58K SF lease at Freeport III in Irving. Stream Realty Partners’ Tim Terrell and Rhett Miller represented the landlord, while CBRE’s Ryan Buchanan represented the tenant.
***
Kilpatrick Townsend & Stockton renewed its nearly 22K SF lease at Trammell Crow Center in Dallas. Stream Realty Partners’ Chase Lopez and Marissa Parkin represented the landlord. The tenant was represented by Cushman & Wakefield’s Samuel Hollis Jr. and Matt Heidelbaugh.
CONSTRUCTION AND DEVELOPMENT
Holt Lunsford Commercial Investments broke ground on Class-A industrial park Denton Point III, IV and V. The nearly 452K SF project will consist of three shallow-bay industrial buildings. It is slated to be done in the third quarter of next year. The project is a joint venture between Holt Lunsford and Dallas-based Silverado Interests. Construction financing was arranged by JLL Capital Markets.
***
Celina officials announced plans for the 115K SF Downtown Center project that will include a 25K SF, four-story parking garage. The Downtown Center will house city operations, a 26K SF library and a rooftop community space. Work on the parking garage is set to begin this fall, with the groundbreaking on the Downtown Center to follow once it is completed next year. The Downtown Center construction is expected to wrap up by the end of 2026. General contractor Swinerton is overseeing construction.
FINANCING
JLL Capital Markets secured refinancing for a Class-A industrial park in Denton. The Denton Distribution Center, which is fully leased, consists of two cross-dock industrial assets of 451K SF and 448K SF. JLL represented Billingsley Co. in securing the fixed-rate loan that refinanced construction debt. JLL’s Campbell Roche, Kristi Leonard, Jordan Buck and Aaron Craig worked on the deal.
THIS AND THAT
Dallas-based tax services and software provider Ryan acquired Property Tax Advisors LLC. The Virginia-based property tax consulting firm was founded by President Michael Donohue.
