With the latest acquisition of three additional buildings in the IH-20 West Business Park, Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) now own nine of the business park’s 30 buildings, or 30 percent of the complex.
The latest acquisitions include 6575 Corporation Parkway (39,500 square feet), 6590 Corporation Parkway (17,000 square feet) and 6656 Corporation Parkway (15,000 square feet) in Fort Worth. All are 100 percent occupied by Summit Casing. The purchase was financed by Veritex Bank with equity provided by Western Production Company and PCI.
“We continue to be strategic in our acquisitions in Fort Worth and North Texas in general,” said Corinth Land Co. president and founder, Paun Peters. “When you consider the magnitude of Walsh Ranch and other key developments planned for the area, investing in this space continues to meet our short and long-term indicators.”
This is the ninth partnership acquisition for Corinth Land and PCI, marking an investment of $50 million and approximately 700,000 square feet of industrial space in North Texas.
“Industrial development and investment continue to be a strong sector, despite the economic challenges that the pandemic has brought to 2020,” said Lance Bozman, PCI managing partner. “We look forward to even more opportunity for industrial investments in 2021 and hope for brighter macro-economic days ahead.”
Founded by Peters in 2006, Corinth Land Co.’s initial focus was providing oil and gas surface sites and easements in the Barnett Shale. Peters sold the company’s holdings in 2016 and is now focused on the acquisition, development and operation of commercial and residential real estate assets in strategic locations.
Bozman was formerly a managing director of a $1 billion AIG/Lincoln portfolio that comprised 4 million square feet of industrial and commercial investments. PCI managing partner Chad Lunsford spent 20 years at GE Capital Real Estate and has a deep background in risk management, underwriting and operations serving in various management and leadership positions.