North Texas Businesses Acquire Two Class A Buildings in Oklahoma City | Business
FORT WORTH, Texas – (BUSINESS WIRE) – April 27, 2021 –
Located in the dominant industrial market of southwest Oklahoma City, a best-in-class, two-building, 121,600-square-foot industrial facility was acquired by Fort Worth-based Corinth Land Co. and Prattco Creekway Industrial. (PCI), based in Dallas. The buildings are on 14.3 acres located at 6200 and 6220 SW 29th St. The purchase was funded by Veritex Bank with majority equity provided by Western Production Company and closed on March 29, 2021.
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Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) purchased two 121,600 square foot Class A buildings located in the dominant industrial market of southwest Oklahoma City . This is the 10th partnership acquisition for Corinth Land and PCI, marking an investment of over $ 50 million and approximately 700,000 square feet of industrial space in their portfolio. (Photo: Troy Grant, Epic Foto Group)
“As the first JV investment in Oklahoma City, we look forward to being part of one of the city’s most dynamic submarkets,” said Corinth Land Co. President and Founder Paun Peters. “This is our largest Class A acquisition to date, and we are 100% leased. It’s a great entry point for us into this market. “
Tenants include Fred Jones, Overhead Door Corporation, TireHub, and Science Applications International Corporation (NYSE; SAIC). This is the 10th partnership acquisition for Corinth Land and PCI, marking an investment of over $ 50 million and approximately 700,000 square feet of industrial space in their portfolio.
“The southwest industrial market is a high growth area with unlimited potential,” said Lance Bozman, Managing Partner of PCI. “This is definitely a market in which we would like to broaden our portfolio and broaden our base.”
Founded by Peters in 2006, Corinth Land Co.’s original mission was to provide surface oil and gas sites and easements in the Barnett Shale. Peters sold the holdings of the company in 2016 and is now focused on acquiring, developing and operating commercial and residential real estate assets in strategic locations in the DFW region, Texas and North America.
Lance Bozman, managing partner of PCI, was previously managing director of a $ 1 billion AIG / Lincoln portfolio that included 4 million square feet of industrial and commercial investments. Chad Lunsford, Managing Partner of PCI, spent 20 years with GE Capital Real Estate and has extensive experience in risk management, underwriting and operations, in various managerial and executive positions.
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CONTACT: Susan K. Medina
SKM Communication Strategies, LLC
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SOURCE: Corinth Land Co.
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PUB: 04/27/2021 9:30 a.m. / DISC: 04/27/2021 9:30 a.m.
Copyright Business Wire 2021.