Fort Worth-Based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) have closed on their most recent joint venture with the acquisition of an industrial building at 1403 S. Cherry Lane in White Settlement.
The 100,000 SF building is located on approximately 5.7 acres and was built in 2017. The purchase was financed by Southwest Bank, a division of Simmons Bank and was directed by Becky Carlton with equity participation from Dallas-based Edison Capital Holdings.
“Cherry Lane is a true value-add opportunity for our partnership,” commented Chad Lunsford, a PCI partner. “Already we are talking to several prospects regarding the remaining 40,000 square feet and Lockheed Martin’s close proximity offers a strategic plus to the location.”
“Among its strengths, this property offers an emerging location, a significant lease holder and strategic expansion of our portfolio,” said Corinth Land Co. President and Founder Paun Peters. “The North Texas industrial commercial market continues to be in growth mode and the opportunities are strong.”
“This asset is unique in that Cherry Lane is a newly-constructed property, matched with an international Fortune 500 tenant prior to closing and is located in a vibrant submarket,” said Lance Bozman, a PCI partner.