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Real Estate Real Deals: Pinnacle Bank Place receives awards

Real Deals: Pinnacle Bank Place receives awards

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Pinnacle Bank Place, a public-private mixed-use development on the south end of downtown Fort Worth, received several awards recently:

• 2017 Aurora Award for Best Mixed-Use Project. The Silver Award was presented to the Lancaster Corridor Redevelopment LLC, Jordan Foster Construction and JHP Architecture.

• 2017 Engineering News-Record Texas & Louisiana Award of Merit for Residential and Hospitality.

• Texas Economic Development Council 2017 Community Economic Development Award. The Pinnacle Bank Place project was recognized with the Merit Recognition Award.

Pinnacle Bank Place was developed by Lancaster Corridor Redevelopment LLC in response to the city’s interest in turning empty lots on West Lancaster Avenue into downtown residential development and new retail. The property includes the headquarters of Pinnacle Bank Texas, along with retail and parking, and was completed this year.

The City of Fort Worth contributed $1.4 million in HOME Investment Partnership Program funds toward the improvements that provide about 164,000 square feet of mixed-use development. In addition to about 20,000 square feet of retail space, the project includes 130 residential units and 450 garage parking spaces.

The city’s HOME funds provided much-needed workforce housing in downtown. Of the 130 units, 119 will be rented at market rate, with 11 HOME units.

Fort Worth firm partners to acquire Arlington building

Fort Worth-based Corinth Land Co. and Prattco Creekway Industrial (PCI) have closed on their second joint venture with the acquisition of the Heartland Cabinet Building at 7900 Valcasi Drive in Arlington.

The building has about 25,000 square feet on 1.78 acres and was built in 1986. Heartland Cabinets has occupied the building since 2012. The purchase was financed by Southside Bank’s Fort Worth office and was directed by Michael Ramirez.

“Many elements of this acquisition were appealing: the location, the long-term investment potential and a venerable tenant with an impressive growth trajectory and reputation,” said Corinth Land Co. founder and President Paun Peters. “This is an ideal investment opportunity for us.”

Founded by Peters in 2006, Corinth’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 the Dallas-Fort Worth area, Texas and North America.

“As a real estate investment, we like the asset,” said Lance Bozman, a PCI partner. “What really attracted us, though, was the strength of the tenant. Heartland’s President and Owner Marcus Scrudder has a successful business track record and this acquisition allows us the opportunity to satisfy Heartland’s real estate needs for years to come.”

J. Robert “Bob” Bozman partnered with two veterans of the real estate investment industry, Lance Bozman and Chad Lunsford, to form PCI in 2016 to acquire and manage light industrial buildings in Texas and surrounding states.

A former energy executive with a 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. 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.

A second-generation cabinet manufacturer following in the footsteps of his father, Scrudder is president and owner of Heartland Cabinetry and Furniture Inc., a manufacturer of residential and commercial cabinetry in North Texas. Scrudder bought Heartland in 2012 when it had 11 employees and $850,000 in total revenue. Today, Heartland has more than 80 employees with an annual revenue of about $8 million.

SALES

Colliers International Group Inc., has sold the 10,779-square-foot Family Healthcare Associates-Colleyville Clinic building at 4301 Brown Trail in Colleyville. Family Healthcare Associates will maintain operations of the center after the sale. Colliers’ Fort-Worth advisers Jim Nowell and Jim Eagle represented both the seller, NEDOCS LLC, and the buyer, Provlepsi LLC.

STRIVE, a commercial real estate investment sales firm based in Dallas, announced the sale of Northgate Plaza in Waxahachie. The 196,006-square-foot property sits on 18.57 acres and was 88 percent occupied at the time of sale. Jennifer Pierson, a managing partner at STRIVE, had the exclusive right to market the property on behalf of the seller, an investor in California. Pierson also sourced the buyer, an investor in California. Terms of the sale were not released.

Steve McKeever with Design Concepts purchased 36 acres at Presidio Junction in Fort Worth from Starwood Capital. Demian Salmon with Stream Realty Partners brokered the transaction between Design Concepts and Starwood Capital. Design Concepts is developing City North, where construction on the new IKEA store is expected to start in the first quarter of 2018, and bought more land to expand its position in the area.

Send real deals to Robert Francis at rfrancis@bizpress.net.


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