Epic Foto Group
The Northgate Business Park, located at the intersection of Miller Road and Interstate 635 in Dallas, was acquired by the Corinth Land Co./Prattco Creekway Industrial investment partnership in July 2018. It was a cornerstone of the group’s portfolio before being recently sold alongside their other North Texas holdings.
The North Texas light industrial portfolio owned by Fort Worth-based Corinth Land Co. and Dallas-based Prattco Creekway Industrial (PCI) has been sold.
The portfolio comprises 17 buildings totaling almost 570,000 square feet, located in Arlington, Brookhollow, Great Southwest, Northeast Dallas/Garland, and Southwest Tarrant County. The spaces are 99% leased with a mix of multi-tenant and single-tenant buildings — only two suites remained unoccupied at the time of sale, according to Corinth Land Co. and PCI.
Neither the sales price nor buyer were 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,” Lance Bozman, PCI managing partner, said in a statement. “The timing was right to monetize the increased value of our portfolio, and we were fortunate to attract an international, quality institutional buyer.”
PCI will remain connected to the portfolio, providing property management and asset management responsibilities for the new ownership.
“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,” Corinth Land Co. president and founder Paun Peters said in a statement. “It’s an ideal partnership, and we will continue to pursue investment opportunities in DFW and other major U.S. markets.”
More information about Corinth Land Co. is available here, and PCI, here.