FORT WORTH, Texas--(BUSINESS WIRE)--Marking its third acquisition in the last 12 months, Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) have closed on their most recent joint venture with the acquisition of an industrial building at 1403 S. Cherry Lane. Located in White Settlement, Texas, a dynamic submarket of Fort Worth and home to the Naval Air Station and Joint Reserve Base Fort Worth, the 100,000 SF building is situated on approximately 5.7 acres and was built in 2017. The purchase was financed by Southwest Bank, a division of Simmons Bank and was directed by Becky Carlton with equity participation from Dallas-based Edison Capital Holdings.
“Among its strengths, this property offers an emerging location, a significant lease holder and strategic expansion of our portfolio,” said Corinth Land Co. President and Founder Paun Peters. “The North Texas industrial commercial market continues to be in growth mode and the opportunities are strong.”
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 throughout the DFW area, Texas and North America.
“This asset is unique in that Cherry Lane is a newly-constructed property, matched with an international Fortune 500 tenant prior to closing and is located in a vibrant submarket,” said Lance Bozman, a PCI partner.
With notable success throughout his storied career, J. Robert “Bob” Bozman partnered with two veterans of the real estate investment industry, Lance Bozman and Chad Lunsford, to form Prattco Creekway Industrial (PCI) in 2016 with a goal to acquire and manage light industrial buildings in Texas and surrounding Sunbelt states.
A former energy executive with a distinguished career that includes Cholla Petroleum and Noble Royalties, Bob Bozman and his two sons, Lance and Blake Bozman formed Prattco International, LLP in 2007 with a focus on purchasing oil and gas royalties, multi-family, multi-level commercial and campus style apartment properties. Lance Bozman was formerly a managing director of a $1 Billion AIG/Lincoln portfolio that comprised 4 million SF of industrial and commercial investments. 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.
“Cherry Lane is a true value-add opportunity for our partnership,” commented Chad Lunsford, a PCI partner. “Already we are talking to several prospects regarding the remaining 40,000 SF and Lockheed Martin’s close proximity offers a strategic plus to the location,” Lunsford concluded.