Real Estate

Bendetti Acquires Fully Leased 257,000 Sq Ft Proto Park in Dallas for $16.7M

Bendetti acquires 257,000 sq. ft. Proto Park in Dallas, fully leased to major tenants, valued at $16.7 million.

By Tal Alexander

6/10, 18:28 EDT
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Key Takeaway

  • Bendetti acquired the fully leased, 257,000-square-foot Proto Park in northwest Dallas from M2G Ventures; property valued at $16.7 million.
  • Tenants include Gulfstream Aerospace and Dynasty Spirits; located near key transport hubs like Dallas Love Field Airport and DFW Airport.
  • North Texas industrial market remains robust with nearly 40 million square feet under construction despite cooling demand and a growing sublease market.

Bendetti's Strategic Acquisition in Dallas

In a significant move within the industrial real estate sector, California-based Bendetti has acquired Proto Park, a two-building, 257,000-square-foot industrial property in northwest Dallas. The property, previously owned by M2G Ventures, was valued at $16.7 million in 2024, although the sale price remains undisclosed. This acquisition underscores Bendetti's strategic expansion in the North Texas market, a region known for its robust industrial growth. The property, located at 3200 Irving Boulevard, is fully leased to tenants including Gulfstream Aerospace, Dynasty Spirits, and Taxila Stone, highlighting its strong occupancy and tenant mix.

Details of the Proto Park Deal

Proto Park, featuring a distinctive red brick exterior, was originally built in the 1960s and underwent significant renovations in 2022. The property’s strategic location, just six miles from downtown Dallas and in close proximity to major transportation hubs like Dallas Love Field Airport and DFW Airport, enhances its appeal. The Brookhollow submarket, where Proto Park is situated, is a bustling industrial zone housing facilities for major companies such as Goodyear Tire, Frito-Lay, and Sherwin-Williams. Newmark's team, including Dustin Volz, Stephen Bailey, Dom Espinoza, and Zach Riebe, represented M2G Ventures in the sale, facilitating this notable transaction.

North Texas Industrial Market Dynamics

North Texas continues to be one of the fastest-growing industrial markets in the United States, with nearly 40 million square feet of industrial space under construction at the end of last year. However, the market is experiencing a cooling in demand, with the sublease market expanding to 14 million square feet by year-end. Despite these shifts, the region remains a critical hub for industrial real estate, driven by its strategic location and robust infrastructure. Bendetti's acquisition of Proto Park, its largest property in the Metroplex, reflects confidence in the long-term potential of the North Texas industrial market.

Broader Implications for Industrial Real Estate

The acquisition of Proto Park by Bendetti is indicative of broader trends in the industrial real estate sector, particularly in high-growth regions like North Texas. The fully leased status of Proto Park, coupled with its strategic location and recent renovations, makes it a valuable addition to Bendetti's portfolio. This move aligns with the firm's strategy to expand its footprint in key markets across the United States, including California, Colorado, Nevada, Texas, and Utah. As demand dynamics evolve, properties like Proto Park, with strong tenant bases and strategic locations, will continue to be highly sought after.