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Pennybacker Capital Partners with M2G to Purchase Tuesday Morning Industrial Space
Friday 22 January 2021

Austin, US-based real estate private equity firm Pennybacker Capital Management, LLC has partnered with Fort Worth-based real estate investment and development company M2G Ventures to acquire more than 1.2 m square feet of industrial and office space from Dallas retailer Tuesday Morning.

Terms of the transaction were not disclosed.

The acquisition includes five of Tuesday Morning's industrial distribution centres, totaling 1.1 m square feet, and its 105,000-square-foot corporate headquarters office at 6250 Lyndon B. Johnson Freeway in Dallas.

As part of the agreement, Tuesday Morning will lease back the industrial properties for two-and-a-half years and the corporate headquarters building for 10 years. M2G Ventures will assist with operating the portfolio.

The acquisition is part of Pennybacker's value strategy and demonstrates its investment theme of identifying, purchasing, and adding value to well-located industrial properties in select US growth markets that benefit from compelling fundamentals.
Date Published: 22/01/2021