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Velocis Buys Prince George’s County Retail Center, Its 5th D.C.-Area Acquisition Since 2015

Velocis has acquired its fifth D.C.-area property since 2015, and its first retail asset, with the purchase of a Prince George’s County shopping center.

The Dallas-based investor, in partnership with Katz Properties, announced this week it acquired Brandywine Crossing, a 230K SF retail center, for an undisclosed price.

The NKF Capital Markets team of Robert Griffin, Geoffrey Millerd, Mat Adler, Christian Brannelly and Chris Huesgen brokered the deal on behalf of the seller, which property records show is an LLC registered to Chicago-based ShopCore Properties. NKF’s Joe Donato and Maury Zanoff arranged financing for the buyer.

“We received significant interest from both banks and life companies given the strong national tenant roster,” Donato said in a release. “Rapid population increases within the trade area and experienced sponsorship have generated positive attention toward the asset.”

The shopping center at 15922 Crain Highway in Brandywine, Maryland, is anchored by Safeway and Marshalls and sits next to Target and Costco. The retail hub also includes a crafts store, a nail salon, a shoe store, a barber, an auto parts store and several food and beverage options.

“Brandywine Crossing represents an opportunity to acquire a grocery-anchored shopping center in a burgeoning community near Washington, D.C,” Velocis partner Paul Smith said in a release. “Acquiring assets in this metro area is an integral part of Velocis’ investment strategy.”

Velocis earlier this month acquired the two-building Greensboro Park office complex in Tysons. It began its D.C.-area buying spree in August 2015 with the purchase of Loudoun Gateway II and III. It then bought Shirlington Tower in December 2015 and acquired a Falls Church office property in March 2017.

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Velocis Purchases Brandywine Crossing Retail Center in Maryland

Grocery-anchored shopping center provides regional draw and high visibility

Brandywine, Md. – (June 27, 2018) – Velocis, a private equity real estate manager, in partnership with Katz Properties, has acquired Brandywine Crossing, a 230,925-square-foot Class A retail center located at 15922 Crain Highway in Brandywine, Md.

“Brandywine Crossing represents an opportunity to acquire a grocery-anchored shopping center in a burgeoning community near Washington, D.C. Acquiring assets in this metro area is an integral part of Velocis’ investment strategy,” said Paul Smith, Velocis partner. “The property’s visibility assists in capturing the surrounding consumer market through unmatched traffic, and it represents a dominant retail destination.”

Brandywine Crossing is located approximately 20 miles southeast of Washington, D.C. within Prince George’s County, one of the fastest-growing areas in the country. Its strategic placement along Brandywine’s main thoroughfare, Crain Highway (Route 301), provides high accessibility and visibility with roughly half a mile of frontage. The open-air retail center is anchored by Safeway, Marshalls, Target and Costco. Katz Properties will provide management services for the property.

Brandywine Crossing represents the fifth acquisition in the Washington, D.C. Metro area made by Velocis. In 2015, the firm purchased Loudon Gateway II and III, two Class-A suburban office buildings in Sterling, Va., and Shirlington Tower, a Class-A office building in Arlington, Va. In 2017, Velocis acquired 3120 Fairview Park, a Class-A office building in Falls Church, Va. Earlier in June of this year, Velocis purchased Greensboro Park, a two-building office complex in Tysons, Va. in 2018.

Dallas-based Velocis has been active in real estate investment since 2011, purchasing 28 assets in select markets in Texas, Arizona, Colorado, Georgia, Florida, North Carolina and the Washington, D.C. Corridor. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. The partners of Velocis are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.

About Velocis

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.

About Katz Properties

Katz Properties is a real estate investment, development and management company with offices in Connecticut, Florida, Massachusetts, New Hampshire, New York, Pennsylvania and Virginia that focuses on the acquisition, operation and repositioning of retail shopping centers on the East Coast. Katz Properties will serve as the property management company for Brandywine Crossing. Additional information about Katz Properties can be found at katzproperties.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. 

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Velocis, Altus Buy 500 KSF DC-Area Office Campus

Velocis has expanded its footprint in suburban Washington, D.C., with the acquisition of Greensboro Park, an approximately 500,000-square-foot office campus in Tysons, Va. The private equity real estate manager partnered with Altus Realty on the purchase of the two-tower property from Beacon Capital. At the time of sale, the complex was 83 percent leased.

Occupying seven acres in the coveted The Hill micro-market roughly 15 miles outside Washington, D.C., Greensboro Park sits within walking distance of a Metro station and the 800,000-square-foot Tysons Galleria regional shopping mall. The complex consists of the 243,500-square-foot building at 8180 Greensboro Drive, which also includes 2,000 square feet of ground-level retail space, and the 259,400-square-foot structure at 8200 Greensboro Drive. Developed in the 1980s, Greensboro Park underwent a renovation in 2015.

“Greensboro Park represented a rare chance to acquire two assets that checked most of our boxes: solid in-place income, a bit of vacant space, rents that have room to increase within our competitive subset, and great walkability,” Paul Smith, principal with Velocis, told Commercial Property Executive. Greensboro Park offers additional upside potential, as the property has been approved for the development of two high-rises that could accommodate up to 520 multifamily units.

Velocis and Altus have tapped commercial real estate services firm JLL to manage the property.

Northern Virginia expansion

Greensboro Park marks Velocis’ fourth office purchase in Northern Virginia. In 2015, the company acquired Shirlington Tower in Arlington, a 233,500-square-foot office asset, as well as the two-building, 180,000-square-foot Loudon Gateway II & III in Sterling. Greenberg enhanced its presence in the area again last year, snapping up the 191,400-square-foot property at 3120 Fairview Park in Falls Church. “The Northern Virginia market is very efficient and competitive, and we have been very careful to build our portfolio there over the past three years,” Smith noted.

Tysons has been of particular interest to the company. “We have reviewed a number of quality opportunities in Tysons over the past few years as that submarket has begun to mature into a true live-work-play environment,” he added. “On most of those assets, pricing was very aggressive, and the deals were priced to core levels.”

The parties involved in the Greensboro Park transaction are remaining mum on the sale price. Beacon Capital, which was represented in the transaction by commercial real estate services firm CBRE, had owned the asset since acquiring it from Lehman Brothers in 2010 for approximately $125.3 million.

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Velocis Purchases Greensboro Park in Tysons
with Altus Realty

Transit-oriented office project provides opportunity for added value in amenity-rich location

TYSONS, Va. – (June 11, 2017) – Velocis, a private equity real estate manager, in partnership with Altus Realty, has acquired Greensboro Park, a two-building, 505,085-square-foot office complex located at 8180 and 8200 Greensboro Drive in Tysons, Va.

“Velocis has been looking at a number of assets in various parts of Tysons Corner to help augment our D.C.-area portfolio,” said Paul Smith, Velocis principal. “We are excited to partner with Altus Realty on Greensboro Park as the buildings represent solid in-place cash flow with the ability to add value. We feel that the submarket around The Boro will continue to experience strong momentum in both leasing activity and rent appreciation.”

Renovated in 2015 by the seller, an affiliate of Beacon Capital Partners, LLC, Greensboro Park is prominently located in the heart of one of Washington, D.C.’s most sought-after micro-markets, “The Hill,” and has been approved for up to 520 units of additional multifamily development in two high-rise towers. The project is walking distance to the Greensboro Metro station and Tysons Galleria, and is adjacent to The Boro, a new mixed-use development, creating a potential live-work-play environment for office tenants.

Velocis and Altus plan to add value through upgrades to the building lobbies, common areas, restrooms and green space while maintaining best-in-class management services to its tenants.

“The improving fundamentals of the Northern Virginia office market and the potential multifamily development make Greensboro Park an exceptional investment opportunity,” stated Al Troup, partner at Altus Realty. “Working with the Velocis team makes the opportunity that much more exciting.”

Greensboro Park consists of an 11-story and a 14-story office building. The property is 83 percent leased and is uniquely positioned to accommodate value-conscious tenants while maintaining proximity to the Washington, D.C. metro area. Current amenities include a fitness center, high-tech conference center, tenant lounge, on-site café, and prominent exposure to The Hill.

This is Velocis’ fourth acquisition in Northern Virginia. The firm previously purchased two assets in the market in 2015: Loudon Gateway II and III, two Class-A suburban office buildings in Sterling, Va.’s Loudoun Gateway Business Park, and Shirlington Tower, a Class-A office building in Arlington, Va. In addition, 3120 Fairview Park, a 191,361-square-foot office building in Falls Church, Va. was purchased in 2017.

The seller was represented by CBRE. The property will be managed by JLL.

Dallas-based Velocis has been active in real estate investment since 2011, purchasing 27 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. The principals of Velocis are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.

About Velocis

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.

About Altus Realty

Altus is a full-service real estate development and investment company based in Washington, DC.  From repositioning underperforming assets to developing ground-up projects, Altus focuses on creating mixes of residential, office, retail and hospitality experiences that inspire.  With a thoughtful, crafted approach to each project, Altus seeks to build long-term relationships and value with its partners and tenants alike. Additional information about Altus can be found at altusre.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. 

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Velocis, Altus Realty Acquire 2-Building Tysons Office Complex

A joint venture of Dallas-based Velocis and D.C.-based Altus Realty has just acquired a Tysons office complex.

The partnership bought Greensboro Park, a two-building, 505K SF office property at 8180 and 8200 Greensboro Drive, from Beacon Capital Partners for an undisclosed price. CBRE represented the seller in the deal.

Beacon acquired Greensboro Park in 2010 for $125M, according to property records. It then completed renovations in 2015 and brought the property to 83% leased.

Velocis and Altus also plan to renovate the property with upgrades to the building lobbies, common areas, restroom and green space. The new owners retained JLL to manage the property.

Greensboro Park, featuring an 11-story building and a 14-story tower, sits about a half-mile from the Greensboro Metro Station, where construction is underway on The Boro, a major mixed-use development that will bring amenities such as a Whole Foods and a ShowPlace Icon Theatre. The property is also less than a half-mile from the Tysons Galleria mall.

The Meridian Group, which is partnering with Kettler on The Boro, in April sold a majority stake of the the nearby Greensboro Station office complex. A JV of MetLife and Mubadala Investment bought 95% of the three-building property for $244M.

The deal represents the fourth major acquisition Velocis has made in the D.C. area in the last three years. It acquired Loudoun Gateway II and III in August 2015, Shirlington Tower in December 2015 and a Falls Church office building in March 2017.

­“Velocis has been looking at a number of assets in various parts of Tysons Corner to help augment our D.C.-area portfolio,” Velocis Principal Paul Smith said in a release. “We are excited to partner with Altus Realty on Greensboro Park as the buildings represent solid in-place cash flow with the ability to add value. We feel that the submarket around The Boro will continue to experience strong momentum in both leasing activity and rent appreciation.”

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Velocis Sells Two-Bldg. Office Complex in Houston’s Hedwig Village

189,000-SF Echo Lane Trades at Nearly 100% Occupied

Velocis, a private equity real estate manager out of Dallas, has sold the Echo Lane office complex in Houston’s Hedwig Village to 800 Builders. Terms of the deal were not disclosed.

Velocis paid $30 million back in 2012 to acquire the 189,162-square-foot, two-building complex at 950 and 952 Echo Lane. In the five years since acquiring the property, Velocis was able to raise occupancy from 83 percent to 97 percent and increased rental rates with “minimal investment,” Mike Lewis, a partner with Velocis, said in a company release.

The two properties were constructed between 1982 and 1984 on 3.8 acres. Current tenants at Echo Lane include Regus, Sidewinder Drilling and Stonegate Production, among others, according to CoStar information.

Kevin McConn, Rick Goings and Rudy Hubbard of JLL represented the seller, while the buyer had in-house representation.

Please see CoStar COMP #4277965 for more information on this transaction.

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