
M2G Ventures
The property is at 10202 Miller Road, off I-635.
Fort Worth-based M2G Ventures’ general partner equity fund Grey Swan I made its fourth investment since its inception in 2023 with the acquisition of Northgate, a four-building 215,000-square-foot industrial complex in Garland.
The property is at 10202 Miller Road, off I-635.
Grey Swan I acquired its first set of properties in September. The fund allows M2G and its investors to execute its best-in-class strategy on a larger, more efficient scale with an agile and opportunistic approach.
The fund pursues value-add industrial and mixed-use properties across select growth markets with a primary focus on Texas.
“The fund offers investors the ability to exclusively participate in M2G’s investment strategy and deal flow,” said Susan Miller, co-founder of M2G Ventures, in a statement.
Garland is one of Dallas-Fort Worth’s most established and mature industrial hubs. M2G is seeing significant tenant demand in Garland for users, specifically manufacturers, which comes with a lack of new inventory, the firm said.
Northgate is around 98% occupied with 10 tenants ranging from 2,000 to 86,000 square feet with one 4,000-square-foot vacancy available. Newmark’s Stephen Bailey, Dustin Volz, Dom Espinosa, Zach Riebe and Travis McEldowney represented M2G in the transaction. The leasing team for the project will be Lee & Associates’ Brett Lewis and Taylor Stell.
The Garland submarket has about 57 million square feet of industrial product with about a 4% vacancy rate, compared with the market average of 10% vacancy with about 3% of stock under construction. Miller noted that the trailing 12-month market rent growth has been 5.1% and averaged 8.4% over the trailing five years (2019-23).
Miller said plans for Northgate, built in 1975, include significant upgrades, including addressing “deferred maintenance,” replacing the roofs, painting building exteriors, upgrading landscaping, signage, and exterior lighting, power washing and restriping the parking lots and creating a make-ready space in the existing 4,000-square-foot vacancy.
“As always, M2G’s goal is to create places where users want to be with our best-in-class integrated development team driving M2G to become a top owner in the markets where we invest,” Miller said.
In 2025, M2G will continue to focus on its primary investment strategies of acquiring, designing, and developing infill industrial and mixed-use assets in supply-constrained locations featuring robust investment fundamentals.