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Thursday, January 28, 2021

Arlington industrial building acquired by JV involving Fort Worth firm

Corinth Land Co. and Prattco Creekway Industrial (PCI) have closed on their first joint venture with the acquisition of the Digital Building at 1130 E. Avenue H in Arlington. Built in 1987, the 47,000-square foot, single-tenant, 100 percent occupied light industrial building is situated along the Great Southwest Parkway. The purchase was financed by Fort Worth-based Southside Bank and was directed by Michael M. Ramirez, senior vice president, Commercial Real Estate Lending. No price for the transaction was given, but it was described as a “multi-million dollar” deal.

“This property fits well within the profile of our investment portfolio platform,” said Corinth Land Co. President and Founder Paun Peters. “Partnering with Prattco has been a seamless experience and I look forward to additional successful ventures with them in the future.”

Founded by Peters in 2006, Corinth Land Co.’s initial focus was providing oil and gas surface sites and easements in the Barnett Shale. The company’s position in the Barnett allowed opportunities to grow its asset base, primarily in the natural gas window of the play with additional mineral and leasehold positions in Tarrant and Parker counties. 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 Digital property was attractive not only due to the strength of the tenant, but also for the superb location on Avenue H in the Great Southwest Industrial District,” said PCI Partner Chad Lunsford.

With notable success throughout his storied career, J. Robert “Bob” Bozman partnered with two veterans of the real estate investment industry, Lance Bozman and 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. Ideally, their target property areas have strong tenant demand coupled with expanding population and job growth, according to a company news release.

“We greatly value our new partnership with Paun and look forward to a long-term, profitable relationship into the next decade and beyond,” said PCI Partner Bozman.

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. He is also a graduate of Southern Methodist University where he served as Alumni Association president in 1983. 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.

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