Corinth Land Co. and Prattco Creekway Industrial (PCI) has acquired two additional properties and have refinanced six of their eight jointly-owned properties. The acquisition of 8400 Ambassador Row in Dallas includes 42,420 square feet on 2.746 acres, allowing for additional development in the popular Brookhollow area. The building is 100 percent leased with two tenants, Lawns of Dallas and Stone Ave. The purchase was financed by Veritex Bank, directed by Josh McKee with equity provided by Fort Worth-based Western Production Company, an affiliate of Corinth Land Co.
The second property at 1110 Ave. H in Arlington is also 100 percent leased with Digital Room as its major tenant. The Ave. H property sits on 1.6 acres with 25,000 square feet and was built in 1979. This acquisition was ultimately wrapped into the refinance package. The building is adjacent to an already existing building in the PCI/Corinth Land partnership.
“The light industrial sector continues to be a solid investment area in this market, and we think the trend will continue. On the refi side, we were more than pleased with the terms we garnered through RGA for our portfolio refi,” said Corinth Land Co. President and Founder Paun Peters. “Despite the current economic setback due to COVID-19, North Texas will come through this stronger than ever. We believe in the long-term viability of this market and will continue investing in our local communities.”
These are the seventh and eighth joint venture acquisitions for Corinth Land Co. and PCI since initiating their investment partnership in 2017, totaling more than 602,000 SF of industrial property in North Texas. Refinancing of the partners’ joint venture properties totals approximately 460,000 square feet of industrial space located throughout Dallas, Fort Worth and Arlington. The properties were refinanced through Reinsurance Group of America, Incorporated (RGA), directed locally by Virgil Hogan, vice president and regional manager of RGA Real Estate in Dallas.
“Adding stabilized buildings with strong long-term tenants in the Brookhollow and Great Southwest submarkets are great additions to the existing portfolio. We will continue to pursue opportunities to assemble a light industrial portfolio throughout the Southwest,” said PCI Managing Partner Chad Lunsford.
Founded by Peters in 2006, Fort Worth-based 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.
PCI Partner 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. 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.