Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) have acquired the Northgate Business Park located at the intersection of Miller Rd. and I-635 in the well-established North Dallas/Garland submarket. – Originally developed by Trammel Crow in 1980, the four-building 213,481 square foot business park includes 11 tenants and is 100 percent occupied. The purchase was financed by Veritex Community Bank of Dallas with equity provided by Fort Worth-based Western Production Co., an affiliate of Corinth Land Co.
“This acquisition is now the cornerstone of our portfolio given its significance in the North Texas industrial real estate market,” said Corinth Land Co. President and f ounder Paun Peters. “The North Dallas/Garland submarket is established, strong and stable. We’re more than pleased to add this to our portfolio.”
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.
“The Northgate Business Park is an ideal complement to our portfolio due to its institutional quality, size and the minimal downside risk,” said Lance Bozman, a PCI partner. “This property offered a highly competitive bidding process. Our winning bid, we think, once again speaks to the integrity of the Corinth Land Co./PCI partnership.”
Earlier in July, Corinth Land Co. and PCI closed on their most recent joint venture with the acquisition of an industrial building at 1403 S. Cherry Lane in White Settlement.