Dallas-based Velocis’ private equity real estate fund and its investors have bought Town Center Colleyville for an undisclosed sum.
The 138,000-square-foot grocery-anchored, shopping center is Velocis’ 15th purchase and brings the funds total assets under management to more than $303 million.
The Market Street-anchored shopping center is in an attractive demographic area and offers quality retail to Colleyville residents, said Steve Lipscomb, the firm’s principal and co-founder.
Lipscomb says Velocis plans to spend money upgrading the center for tenants. The shopping center, which soon will be home to a Studio Movie Grill, is 93 percent occupied.
Along with the Colleyville shopping center, Velocis owns eight properties in Texas, one in Colorado, one in Florida, one in Georgia and one in North Carolina. The firm was launched in Dallas in 2010.