Fort Worth-based Corinth Land Co. and Prattco Creekway Industrial (PCI) have closed on their second joint venture with the acquisition of the Heartland Cabinet Building at 7900 Valcasi in Arlington.
Approximately 25,000 square feet on 1.78 acres, the building was built in 1986. Heartland Cabinets has occupied the building since 2012. The purchase was financed by Southside Bank’s Fort Worth office and was directed by Michael Ramirez. No price for the transaction was released. The property was valued at more than $800,000 by the Tarrant Appraisal District.
“Many elements of this acquisition were appealing: the location, the long-term investment potential and a venerable tenant with an impressive growth trajectory and reputation,” said Corinth Land Co. founder and President Paun Peters. “This is an ideal investment opportunity for us.”
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.
“As a real estate investment, we like the asset,” said Lance Bozman, a PCI partner. “What really attracted us though was the strength of the tenant. Heartland’s President and Owner Marcus Scrudder has a successful business track record and this acquisition allows us the opportunity to satisfy Heartland’s real estate needs for years to come.” .
J. Robert “Bob” Bozman partnered with two veterans of the real estate investment industry, Lance Bozman and Chad Lunsford, to form 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 square feet 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.
A second-generation cabinet manufacturer following in the footsteps of his father, Marcus Scrudder is president and owner of Heartland Cabinetry and Furniture Inc., a leading manufacturer of residential and commercial cabinetry in North Texas. Scrudder purchased Heartland in 2012 when they had 11 employees and $850,000 in total revenue. Today, Heartland has more than 80 employees with an annual revenue of approximately $8 million, a 10 times growth factor in only five years.