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Saturday, April 10, 2021

Corinth, PCI make another acquisition

PCI partner dies unexpectedly

Fort Worth-Based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) have acquired three buildings in the IH-20 West Business Park west of Fort Worth just miles from the Walsh development. The 77,640 square foot three-building business park has five tenants and is 94 percent occupied. The property was sold by furniture-giant Rick Stacy and the purchase was financed by Southwest Bank, directed by Becky Carlton. Equity was provided by Fort Worth-based Investors Royalty Inc., an affiliate of Corinth Land Co. No price for the transaction was released.

Unexpectedly, one of the partners in PCI, J. Robert “Bob” Bozman, passed away only days before the IH-20 West Business Park acquisition was closed.

Bozman, an SMU graduate and president of the Alumni Association in 1983, partnered with two veterans of the real estate investment industry, Lance Bozman and Chad Lunsford, to form PCI in 2016. A former energy executive with a distinguished career that includes Cholla Petroleum and Noble Royalties, 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.

“My dad fulfilled a lifelong dream when we started PCI,” said Lance Bozman. “As hard as it is to move forward after dad’s passing, I feel sure he’s at peace knowing we are realizing his dream and would want us to continue his legacy of making smart investments with strategic partners like Corinth Land.”

“I am honored to have had the opportunity to know and partner with Bob. He was a man of immeasurable character and integrity who always looked for the good in people and in every situation,” said Corinth Land President and Founder Paun Peters. “I do think he’d be pleased with our latest acquisition.”

“Even with unforeseen circumstances, the Corinth Land and PCI team were seasoned professionals who stayed focused every step of the way through this process,” said Stacy Furniture & Design Owner Rick Stacy. “Given their capabilities, I’d welcome the opportunity to do business with them again.”

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.

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