WEST PALM BEACH, Fla. – (July 20, 2017) – Velocis, a private equity real estate manager, in partnership with CREC, a leading, full-service commercial real estate company, today announced the acquisition of One Clearlake Centre, a Class A, 218,461-square-foot office tower in West Palm Beach, Fla. Located at 250 South Australian Avenue, the 18-story tower sits in the heart of West Palm Beach’s re-emerging downtown core.
“At just 47 percent leased, One Clearlake Centre offers Velocis the opportunity to acquire a well-located, Class A asset at a significant discount to replacement cost,” said Mike Lewis, Velocis principal. “Downtown West Palm Beach is experiencing an urban renaissance that makes this an opportune time to make a value-add investment in the market. A planned, strategic repositioning program will bring this property in line with market standards, increasing its attractiveness to tenants. Having a local joint venture partner in CREC increases our confidence in this building’s potential.”
Plans for the building include a multi-million-dollar capital improvements program, focused on updating the 1980s-era building and implementing an active marketing program. Major upgrades will include new public spaces such as lobbies, corridors and bathrooms, as well as the creation of a modern tenant lounge and conference center. The establishment of multiple spec suites will also cater to market demand for small, move-in ready spaces.
Velocis has partnered with CREC, Florida’s leading, independent, full-service commercial real estate firm, to provide leasing and management services for One Clearlake Centre.
“The acquisition of this high-potential property enhances our growing portfolio of prime assets under the CREC brand,” said CREC President and Co-Founder Carol Greenberg Brooks. “We identified One Clearlake Centre with the foresight to re-introduce a quality product in the Palm Beach submarket, with newly-positioned office lease offerings that will draw substantial interest.”
As one of the tallest buildings in the market, the 18-story One Clearlake Centre affords tenants an ideal location in the heart of Downtown West Palm Beach, with panoramic views of Clear Lake, the city skyline and Atlantic Ocean. Its easy access to and from Interstate 95 provides tenants with efficient ingress/egress, as well as proximity to Clematis Street, CityPlace, the area’s hottest restaurants, shopping and entertainment district, TriRail and the newly-constructed Brightline station.
Built in 1986, the property includes a 5-story, 662-space parking garage. One Clearlake Centre is LEED Silver certified and EnergyStar rated.
CBRE’s Christian Lee and José Antonio Lobón represented the seller. CBRE’s Amy Julian represented the buyer in financing the transaction.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 24 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. Principals in Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.
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.
CREC is the leading, independent, full-service commercial real estate company in Florida with offices throughout the state of Florida. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.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.