The Northgate Business Park, located at the intersection of Miller Rd. and I-635 in Dallas, was acquired by the Corinth Land Co./Prattco Creekway Industrial (PCI) investment partnership in July 2018. The property was a cornerstone of the group’s portfolio and was included in the recent sale of their North Texas holdings. Photo Credit: Epic Foto Group
DALLAS–(BUSINESS WIRE)–A 17-building light industrial portfolio totaling almost 570,000 SF in high barriers-to-entry markets within the DFW metro area has been sold by Corinth Land and PCI. Following the sale, PCI was retained to provide property management and asset management responsibilities for the new ownership. The sales price and buyer for the transaction were not disclosed.
“Considering the extraordinary yield compression in the industrial sector combined with our hands-on property/asset management services, the transaction was a win-win”
“The Corinth Land-PCI partnership has been in acquisition mode for a number of years, and I must tip my hat to PCI for their sourcing of prospects, due diligence and execution on closing, among other strengths,” said Corinth Land Co. president and founder Paun Peters. “It’s an ideal partnership and we will continue to pursue investment opportunities in DFW and other major U.S. markets.”
The 99-percent-leased portfolio includes a mix of multi-tenant and single-tenant buildings with only two unoccupied suites at the time of sale. The facilities are in some of DFW’s most coveted infill industrial submarkets – Arlington, Brookhollow, Great Southwest, NE Dallas/Garland and Southwest Tarrant – providing unmatched connectivity to DFW’s major transportation arteries, strong labor pools and primary residential areas.
“Considering the extraordinary yield compression in the industrial sector combined with our hands-on property/asset management services, the transaction was a win-win,” said Lance Bozman, PCI managing partner. “The timing was right to monetize the increased value of our portfolio and we were fortunate to attract an international, quality institutional buyer.”
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 Managing Partner Lance Bozman was formerly a managing director of a $1 Billion AIG/Lincoln portfolio that comprised 4 million SF 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. PCI Managing Partner Blake Bozman was formerly an operating partner with Drive Financial before selling the company in an almost $1 Billion transaction to Spain’s Santander Consumer Finance. He currently sits on the board of Veritex Bank.