Velocis Enters Industrial Market

Velocis closes on its first two industrial development sites in DFW 

DALLAS, Texas – (July 8, 2021) – Velocis, a private equity real estate manager, has entered the industrial real estate market, recently closing on two development sites which will be developed into 850,000 SF of Class A industrial space in the South Dallas and GSW submarkets. Velocis partnered with Sumitomo Corporation of Americas on these investments. These are the first of several industrial investments Velocis plans to pursue with the wholly owned subsidiary of Tokyo-based Sumitomo Corporation. 

“The demand for industrial real estate, especially in Texas metro areas like Dallas-Ft Worth, is at an all-time high right now,” said Paul Smith, Velocis Partner. “We consider these first two transactions to be the first of many industrial investments with our client as we continue to evaluate opportunities locally and on a national level.”

Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert. 

About Velocis

Velocis is a private equity real estate investment firm, active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.  

About Sumitomo Corporation of Americas

Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) is the largest subsidiary of Sumitomo Corporation, one of the world’s leading traders of goods and services. With nearly 40 years of real estate investment and development experience in the U.S., SCOA maintains a diverse and balanced real estate portfolio with investments in commercial office buildings, multi-family communities, and master-planned developments.

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 Successfully Exits One Clearlake Office Tower in West Palm Beach, Florida

Sale follows the 221,079-square-foot tower’s repositioning as a Class A asset

WEST PALM BEACH, Fla. – (July 1, 2021) – Velocis, a private equity real estate manager, has sold One Clearlake, a 221,079-square-foot office tower in downtown West Palm Beach, Florida. 

Through its strategy of investing in value-add assets in the Sunbelt states, Velocis repositioned and transformed the 18-story One Clearlake from a Class B to a Class A asset to compete with other best-in-class properties in the competitive West Palm Beach CBD submarket. This repositioning allowed Velocis to capture one of the market’s largest tenants, Intech Investment Management. The office tower is currently 61% leased with other high-profile tenants including Mass Mutual, Prudential and Truist Financial Corporation, among others. 

“One of our core values is to pursue value-add assets in business-friendly environments that can support substantial job growth, and West Palm Beach is a perfect example of this. The pandemic has accelerated job growth in this coastal town, and Velocis was in a great position to capitalize on this momentum,” said Mike Lewis, Velocis partner. “Intech relocating to One Clearlake forever puts the office tower on the map and further upgrades the building’s profile.”

JLL served as the broker of the seller and procured the buyer, Tricera Capital, LLC. Additionally, JLL worked on behalf of the buyer to secure the acquisition loan for the property.

The JLL Capital Markets team representing the seller was led by Managing Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Director Matthew McCormack and Associate Cody Brais.

Financing efforts were led by JLL Capital Markets’ Senior Managing Director Chris Drew, Director Maxx Carney and Brais.

“Downtown West Palm Beach is experiencing an ongoing revolution that is transforming it into the ‘Wall Street of the South,’” Ojala. “This submarket boasts the highest rental rates in Florida and exceptionally strong rental growth since 2013.”

Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee, and the Washington D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Velocis partners include Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith, and David Seifert. 

About Velocis

Velocis is a private equity real estate investment firm, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. 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. 

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