Two North Texas firms, one from Fort Worth, have acquired two Class A buildings in Oklahoma City.
Located within Oklahoma City’s dominant Southwest Industrial Market, a two-building, 121,600 square-foot, best-in-class industrial facility has been acquired by Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI). The buildings are on 14.3 acres located at 6200 & 6220 SW 29th St. The purchase was financed by Veritex Bank with majority equity provided by Western Production Company, and closed March 29, 2021.
“As our first JV investment in Oklahoma City, we look forward to being a part of one of the city’s most dynamic submarkets,” said Corinth Land Co. President and Founder Paun Peters. “This is our largest Class A acquisition to date, and we are 100 percent leased. It’s a great entry point for us into this market.”
Tenants include Fred Jones, Overhead Door Corporation, TireHub and Science Applications International Corporation (NYSE; SAIC). This is the 10th partnership acquisition for Corinth Land and PCI, marking an investment of more than $50 million and approximately 700,000 SF of industrial space in their portfolio.
“The Southwest Industrial Market is a high growth area with unlimited potential,” said Lance Bozman, PCI managing partner. “Without a doubt, it is a market we would like to expand our portfolio and grow our base.”
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.
PCI Managing Partner Lance Bozman was formerly a managing director of a $1 Billion AIG/Lincoln portfolio that comprised 4 million SF 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.