Prana investment group makes large downtown land buy

September 29th, 2013

An Amarillo investment alliance has purchased 3½ blocks of downtown property in a multimillion-dollar development move.

Prana Development Group, a mix of Amarillo and Texas Panhandle investors, has closed deals to purchase former Blackburn Brothers and Levine’s retail buildings on South Polk Street, the Commerce Building and other downtown tracts, said Prana member Joe Bob McCartt.

“This deal is pretty substantial,” McCartt said.

“This could be, when it’s all said and done, several million dollars for the purchases and the upgrades.” Read the rest of this entry »

Development group completes land deal for business park project

May 20th, 2013

An Amarillo investment group has moved closer to launching Amarillo EastPort, a business park to be developed on vacant land it is purchasing from Amarillo College.

Prana Development Group on Wednesday closed a deal to buy 34.2 acres of land at the college’s East Campus, bringing to 47.5 acres the total it has bought from AC, according to Joe Bob McCartt of Prana.

Prana paid the college $516,730 for the land, which lies west of Avenue B, he said.

Last fall, Prana and Amarillo College entered an agreement under which Prana may purchase as many as 780 acres on the East Campus, near Rick Husband Amarillo International Airport, for development.

The Amarillo Foundation for Education and Business, established by AC regents, approves land transactions, as it did Wednesday in a 5-0 vote, said AC board Vice Chairman Don Nicholson.

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Partnership opens Brazilian markets

April 14th, 2013

An alliance between two Amarillo businesses has pried open Brazilian markets where tariffs greatly inflate the costs of foreign imports, local representatives said.

Amarillo lube equipment manufacturer Sage Oil Vac formed Sage Oil Vac Brazil with Texima, which is based in Sao Paulo.

Sage Oil Vac will provide designs for its equipment — used for in-the-field maintenance of heavy machinery such as that used in construction and energy production — to Texima, which will manufacture it under the Sage Oil Vac Brazil brand, Sage said.

The business match, which was arranged by Amarilloan Pedro Cunha, a Brazilian native and partner in Prana Development Group, could significantly boost Sage’s bottom line, Chief Operating Officer Aaron Sage said.

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Developers, AC reach deal on partnership

November 27th, 2012

Prana Development Group has accepted the Amarillo College board of regents’ changes to documents for an agreement that would allow the group to buy up to 780 acres of land at the college’s East Campus.

“I don’t see any impediments to proceeding to close the transaction,” said James Wester, one of the local executives who is a member of Prana.

Wester said the group of local developers has reviewed all of the board’s changes, including a measure that said the group must have approval from the Amarillo Foundation for Education and Business to build houses on the property.

The foundation will have a board of directors comprised of two Prana members and three college board members.

The final documents could be signed within a week, said Mark White, an attorney at Sprouse Shrader Smith, P.C. who has worked on the partnership for the college, said at Tuesday’s board of regents meeting.

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AC agrees to sell property near East Campus

November 14th, 2012

The Amarillo College board of regents approved documents Wednesday that could lead to a partnership with a group of local developers to purchase up to 780 acres of land at the college’s East Campus.

In the partnership, Prana Development Group could purchase excess land the college isn’t using at 25 cents per foot, which is about three times the current value of the land, said Don Nicholson, who chaired Wednesday’s meeting because board chairman John Hicks was ill.

Nicholson said the partnership could be an opportunity for the college to provide money to help students.

“That’s our bottom line, to put things together to help our students succeed,” he said. Read the rest of this entry »

AEDC inks deal for $2M building

August 14th, 2012

The Amarillo Economic Development Corp. will contribute land and seed money to entice a private developer to construct a $2-million building for industrial tenants.

The Amarillo City Commission on Tuesday unanimously approved a deal in which the economic development corporation will sell 10 acres at Amarillo CenterPort Business Park to Prana Development Group and spend $200,000 to make the site ready for construction.

The site will be in the southwest corner of CenterPort, Loop 335/Lakeside Drive and Northeast 24th Avenue.

Prana will spend “north of $40 a square foot” — at least $2 million — to build a 50,000-square-foot industrial site to house multiple tenants, said James Wester, a lawyer and one of five Amarillo investors involved in Prana.

Prana already has a tenant that has agreed to lease 22,000 square feet, Wester said. The group will recruit companies to take the rest of the space in the building. Read the rest of this entry »

Barfield Building due for new life

June 18th, 2012

It’s been sitting vacant for longer than most folks can remember. Work crews did gut the ground floor and many of the floors overhead.

Then the plywood barriers went up around the place, and all has been quiet.

The Barfield Building, one of downtown Amarillo’s once-glorious structures, might get new life if a high-powered group of investors can pull off a deal that might signal a rebirth of the effort to fix the place up.

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Investors prepared to take control of Barfield Building

June 14th, 2012

Five Amarillo investors are poised to wrest control of the partially gutted Barfield Building downtown by forcing a sheriff’s sale to recover $320,000 owed by its owner, Metro Tower.

Joe Bob McCartt, Alan Rhodes, James W. Wester, Pedro Cunha and Kathy Cornett formed LT Barfield, a limited liability company, to purchase a Louisiana investor’s lien held on the historic property at 600 S. Polk St. LT Barfield has exercised its right to foreclose on the property, which is set to be auctioned in a July 3 Potter County Sheriff’s sale.

“We have posted it for foreclosure,” McCartt said Monday.

If somebody comes and bids that ($320,000) they can have it. If not, we have it.

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Amarillo College, developer consider skilled trades expansion for East Campus

June 14th, 2012

As many as 946 acres on Amarillo College’s East Campus could be developed for businesses following an agreement between the college and private developer PRANA Development Group.

The college board of regents unanimously approved a motion for its legal counsel to begin negotiations with PRANA, a development group made up of five local executives: Kathy Cornett, Pedro Cunha, Joe Bob McCartt, Alan Rhodes and James Wester.

Amarillo College President Paul Matney said the land that could possibly be developed is not used by the college for any of its classes.

Wester, an attorney at Underwood Law Firm, said the group wants to take that property and bring in companies that would fit well with the technical programs offered on the East Campus.

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Amarillo real estate deals rumble market

June 14th, 2012

Investor activity has caused some rumbling in the Amarillo real estate market.

An Amarillo apartment complex and a strip shopping center traded hands in separate deals, and an Interstate 40 office building is being offered up.

Minneapolis-based Dominium acquired Cathy’s Pointe, a 120-unit apartment complex built in 2007 at 2701 N. Grand St. Dominium owns or manages apartment communities at 226 sites in 22 states. The company also is an apartment developer.

Dominium acquired the Amarillo property, along with four others, from Wells Fargo, an announcement from the company said. The deal brings the number of units the company owns or manages in Texas to more than 2,500.

Globest.com, a real estate news resource, offered an analysis in April promoting Amarillo and other smaller, or secondary, Texas markets as potential investing grounds for buyers interested in apartment properties.

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