Month: October 2016

DALLAS—Velocis purchased the property in 2012 and invested $1.5 million in property renovations, with substantial upgrades made to all six floors of the building and the parking garage, which resulted in positioning for a recent sale.

DALLAS—Built in 1985, Magnolia Medical Tower is adjacent to Baylor All Saints Medical Center. This location offers access to Cook Children’s Medical Center, Texas Health Harris Methodist Hospital Fort Worth and Plaza Medical Center of Fort Worth, as well as medical offices in the surrounding downtown medical district.

Velocis, a private equity real estate manager, purchased the property in 2012, and invested $1.5 million in property renovations, with substantial upgrades made to all six floors of the building and the parking garage. Renovations included modernizing the building’s elevators and upgrading common areas, applying new corridor finishes, upgraded lobby areas and reconstructing restrooms, as well as signage, mechanical and lighting updates to improve energy performance.

“Velocis recognized that it was in need of substantial capital improvements and professional management,” said Jim Yoder, Velocis principal. “The significant upgrades we implemented took the building from class-C-minus to B-plus and helped increase the leasing velocity at the property.”

Velocis recently sold the 89,991-square-foot medical office building located in the heart of the Fort Worth Medical District. Ridgeline Magnolia MOB LP purchased the property for an undisclosed price. Ridgeline will build off the upgrades made by the prior owner and plans to make minor improvements.

CBRE’s Lee Asher and Chris Bodnar of the US Healthcare Capital Markets Group partnered with Austin Barrett in the Dallas/Fort Worth market to broker the sale on behalf of Velocis. The buyer was unrepresented.

“When Velocis acquired this asset, it was underperforming, but very well located in the heart of the Fort Worth medical district,” Yoder tells GlobeSt.com. “By investing in significant property upgrades, we were able to achieve rental rates at or above our acquisition underwriting. In addition, we were successful in our efforts to enhance the rent roll by leasing space to a broader offering of medical practices which improved tenants’ referral patterns, helping to ensure the financial stability of the asset going forward.

”Dallas-based Velocis has been active in real estate investment since 2011, purchasing 21 assets located in major markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina. Velocis is led by a team of five principals who are responsible for the acquisition, asset management and disposition of assets. In addition to Yoder, principals are Fred Hamm, Mike Lewis, David Seifert and Paul Smith.

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Velocis sold Magnolia Medical Tower, a 90k SF medical office building in Fort Worth’s medical district. Ridgeline Magnolia MOB purchased the property for an undisclosed price. CBRE’s Lee Asher and Chris Bodnar partnered with Austin Barrettto to broker the sale on behalf of Velocis.

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FORT WORTH, TEXAS — Velocis has sold Magnolia Medical Tower, an 89,991-square-foot medical office building located in Fort Worth, to Ridgeline Magnolia MOB LP. Velocis acquired the property in 2012 and invested $1.5 million in property renovations, including substantial upgrades to all six floors of the building and the parking garage. The property is located adjacent to Baylor All Saints Medical Center at 1603 Mistletoe Blvd. Lee Asher, Chris Bodnar and Austin Barrettin of CBRE represented the seller in the transaction.

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Velocis, a Dallas-based private equity real estate manager, completed its sale of the Magnolia Medical Tower at 1307 8th Ave. in Fort Worth to Ridgeline Magnolia.

Velocis acquired the 88,804-square-foot, sic-story medical office building in 2012. Since the purchase, Velocis has invested $1.5 million into the property, modernizing the building’s elevators, upgrading the common areas and lobbies, and improving energy performance through lighting and mechanical upgrades.

Built in 1985, the complex is located adjacent to Baylor All Saints Medical Center in the West Southwest Fort submarket. At the time of sale, Banks Newton, Jason Manske and Nat Klein of the Lincoln Harris Commercial Services Group were leasing out the remaining vacancies in the building.

CBRE’s Lee Asher and Chris Bodnar of the U.S. capital markets group partnered with Austin Barrett to negotiate the transaction on behalf of Velocis.

For additional information regarding this transaction, please refer to CoStar COMP #3726090.

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Magnolia Medical Tower has been sold, with Ridgeline Magnolia MOB LP purchasing the Fort Worth property for an undisclosed price.

The 89,991-square-foot tower, at 1307 Eighth Ave. in the medical district, was purchased in 2012 by Dallas-based Velocis. It invested $1.5 million in property renovations, with all six floors and the parking garage undergoing a makeover.

“When we purchased this property, Velocis recognized that it was in need of substantial capital improvements and professional management,” said Jim Yoder, Velocis principal, commenting in a news release

The upgrades helped boost the building from Class C- to B+ status, Yoder added.

Renovations included modernizing the building’s elevators and upgrading common areas, applying new corridor finishes, upgraded lobby areas and reconstructing restrooms, as well as signage, mechanical and lighting updates to improve energy performance.

CBRE’s Lee Asher and Chris Bodnar of the U.S. Healthcare Capital Markets Group partnered with Austin Barrett in the Dallas-Fort Worth market to broker the sale on behalf of Velocis.

Dallas-based Velocis has been active in real estate investment since 2011, purchasing 21 assets located in major markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina. It comprises two entities: Velocis Funds and Velocis Advisors.

Velocis Funds are private equity real estate funds. Velocis Advisors provides asset management and advisory services to both investors and real estate clients. More information is available at velocis.com.

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