JV Snares 213K-SF Northgate Business Park

Corinth Land Co. and Prattco Creekway Industrial joined forces to acquire the 213,481-square-foot Northgate Business Park. Clarion Partners ended its 14-year-old on the asset, selling the 100%-occupied, four-building business park for an undisclosed price. The asset is assessed at $7 million.

Veritex Community Bank of Dallas financed the purchase, with additional equity provided by Corinth Land affiliate Western Production Co. “The Northgate Business Park is an ideal complement to our portfolio due to its institutional quality, size and the minimal downside risk,” said PCI Partner Lance Bozman.

Northgate Business Park on Miller Road in Garland/Dallas, TX was developed by Trammell Crow on 10.7 acres, and opened in 1980. Current tenants include Adams Office Furniture.

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