FORT WORTH, Texas--(BUSINESS WIRE)--Originally developed by Trammel Crow in 1980, Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) have acquired the active Northgate Business Park located at the intersection of Miller Rd. and I-635 in the well-established North Dallas/Garland submarket. The four-building business park encompasses 213,481 SF, includes 11 tenants and is 100 percent occupied. The purchase was financed by Veritex Community Bank of Dallas with equity provided by Fort Worth-based Western Production Co., an affiliate of Corinth Land Co.
“This acquisition is now the cornerstone of our portfolio given its significance in the North Texas industrial real estate market,” said Corinth Land Co. President and Founder Paun Peters. “The North Dallas/Garland submarket is established, strong and stable. We’re more than pleased to add this to our portfolio.”
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.
“The Northgate Business Park is an ideal complement to our portfolio due to its institutional quality, size and the minimal downside risk,” said Lance Bozman, a PCI partner. “This property offered a highly competitive bidding process. Our winning bid, we think, once again speaks to the integrity of the Corinth Land Co./PCI partnership.”
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.