Fort Worth-based M2G Ventures, a North Texas-based real estate investment and development company leading through industry disruption, and Pennybacker Capital LLC, a data-driven real estate private equity firm, on Jan. 19 announced the purchase of the 1.19 million square-foot industrial distribution facility and corporate store formerly owned by Tuesday Morning. The properties are located at 14303, 14621, 14601, 14639 Inwood Road and 4404 S. Beltwood Pkwy in Farmers Branch.
The agreement also includes Tuesday Morning’s 105,000 square-foot headquarters, located at 6250 Lyndon B Johnson Freeway, Dallas.
“We are pleased to partner with Pennybacker to unlock value for Tuesday Morning, while significantly growing our urban industrial portfolio,” said Jessica Miller Essl, co-founder of M2G Ventures. “This transaction is an important milestone in M2G’s history, for Tuesday Morning, and the industrial market, collectively.”
The 46.7-acre assemblage is located along Inwood Road within the 95% occupied Metropolitan Addison submarket. The site is located less than 20 minutes from both Downtown Dallas and Dallas Fort Worth International Airport. The buildings have clear heights in excess of 26 feet across the portfolio.
M2G and Pennybacker intend to deploy an innovative, value-add approach to investing in urban infill industrial properties in top DFW submarkets. DFW is the overall fourth largest industrial market nationwide. With this acquisition, M2G has doubled down on its portfolio of urban industrial assets.
Stephen Williamson and Adam Graham of Lee & Associates represented the partnership on this transaction.
Source: Fort Worth Business Press
