DENVER – (Feb. 25, 2016) – Velocis, a private equity real estate manager, has sold Landmark Center, a 76,085-square-foot office building, in Denver’s Greenwood Village. Landmark Centre Associates, LLC purchased the property for an undisclosed price.
“Velocis purchased this asset based on its prime location in a market with great demographics and near amenity-rich retail,” said Mike Lewis, Velocis principal. “Through key property improvements, we were able to identify and unlock its value, achieving our goals for the investment while maintaining near 100 percent occupancy throughout our hold period.”
Since purchasing Landmark Centre in 2012, Velocis has renovated and upgraded the lobby, resealed the exterior and refinished common areas. Landmark Centre is uniquely located just east of the Greenwood Village neighborhood, offering unencumbered views of the Rocky Mountains, easy access to and from I-25, and convenient proximity to The Landmark, a high-end mixed-use development. The property also offers covered parking for 100 percent of the tenants, a rare amenity for a building of this size in Denver. The asset is currently 99.5 percent leased.
JLL’s Patrick Devereaux and Jason Schmidt brokered the sale on behalf of Velocis. Basham & Associates represented the buyer. Transwestern Property Company handled leasing and management.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 20 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina. Velocis is led by a team of five seasoned principals who are directly responsible for the acquisition, asset management and disposition of assets. Joining Mike Lewis as principals are Fred Hamm, Jim Yoder, Paul Smith and David Seifert.
Velocis consists of two entities: Velocis Funds and Velocis Advisors. Velocis Funds are private equity real estate funds, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at velocis.com.
This does not constitute an offer to sell, or a solicitation of any offer to buy any securities or investment advice, nor is it intended to be a description of all material factors an investor should consider before making any investment.