Marking their second acquisition of buildings in the IH-20 West Business Park (west of Fort Worth just miles from the Walsh Ranch development), Corinth Land and PCI now own six of the 30 Business Park’s buildings. This latest acquisition includes 72,476 square feet that encompasses 6676, 6701 and 6715 Corporation Parkway which are all 100 percent occupied. Wilks Heritage Group LLC was the seller and one of the tenants is well-known Schaefer Outfitter. The purchase was financed by Simmons Bank, directed by Becky Carlton, with equity provided by Fort Worth-based Investors Royalty Inc., an affiliate of Corinth Land Co.
“Key markers indicate continued growth and additional development in this area,” said Corinth Land Co. President and Founder Paun Peters. “For us, it was a logical next investment given that we acquired our first three buildings there last year.”
This is the sixth partnership acquisition for Corinth Land and PCI, marking an investment of $36 million and more than 500,000 square feet of industrial space in North Texas.
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 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.