Fort Worth’s M2G Ventures and Austin-Based Pennybacker Buy Tuesday Morning’s Entire Industrial Portfolio

The two real estate firms are calling the deal one of the largest single market urban industrial plays in recent news.

Fort Worth-based M2G Ventures, a real estate investment and development company, has purchased a 1.19 million-square-foot Farmers Branch industrial distribution facility and corporate store with Austin-based Pennybacker Capital LLC, a data-driven real estate private equity firm.

The industrial portfolio was formerly owned by Tuesday Morning, the Dallas-based discount retailer that completed its bankruptcy in December 2020. M2G Ventures and Pennybacker’s agreement includes Tuesday Morning’s 105,000-square-foot headquarters off of Lyndon B Johnson Freeway in Dallas.

Purchasing Tuesday Morning’s portfolio serves as one of the largest single market urban industrial plays in recent news, M2G Ventures told Dallas Innovates.

Led by Fort Worth sisters and twins Susan Gruppi and Jessica Miller Essl, M2G Ventures is known for its industry disruption. The real estate team is guided by its purpose to “inspire evolution through impact and innovation,” and follows that mindset when investing in distinctive, mixed-use, and industrial development projects across Dallas-Fort Worth.

As D CEO notes, Gruppi and Miller Essl are known for their ability to breathe new life into old buildings, quickly becoming a leading voice in the industry with their bold, innovative strategies and  $220 million investment portfolio.

Currently, M2G Ventures is the exclusive retail partner for Mule Alley’s $200 million redevelopment in the Fort Worth Stockyards.

But Tuesday Morning is the next major get for the sisters and their partners at Pennybacker. According to Miller Essl, the team plans to unlock value for Tuesday Morning, while significantly growing their own urban industrial portfolio. With the new acquisition, M2G has doubled down on its urban industrial assets.

“This transaction,” she said, “is an important milestone in M2G’s history, for Tuesday Morning, and the industrial market, collectively.” 

M2G, which specializes in mixed-use, urban, and Class A, plans to continue making agile and strategic deal flows throughout the new year. “There is more to come in 2021, but this is certainly a historic moment for all and the market as a whole,” Miller Essl said.

The 46.7-acre purchase, located along Inwood Road, is in immediate proximity to  Addison, Richardson, Northwood Hills, Farmers Branch, and Carrollton. The project will offer optionality; M2G and Pennybacker plan to deploy an “innovative, value-add approach” to investing in urban infill industrial properties in top DFW sub-markets.

Pennybacker operates more than $3.2 billion of real estate throughout the country, employing what it calls an “innovative, data-driven, and collaborative approach” to real estate investment opportunities.

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