Velocis, a private equity real estate investment management firm based in Dallas, acquired almost 8.5 acres off I-20 in Fort Worth adjacent to the Texas Health Hospital in Willow Park. The land purchase will accommodate the development of two speculative medical offices buildings (MOBs) totaling 100,000 square feet. The price of the land was not disclosed.
Prime Healthcare Properties is Velocis’ development partner and sourced the opportunity for Velocis. Architect is Grace Hebert Curtis Architects, civil engineer is Wier & Associates and the general contractor will be Brasfield & Gorrie.
Class A office building/space will undergo additional upgrades, including an outdoor tenant lounge
ATLANTA – (April 12, 2022) – Velocis, a private equity real estate investment management firm, has purchased 900 Ashwood, a 207,291-square-foot Class A office building located in Atlanta’s Central Perimeter submarket.
“900 Ashwood is a desirable asset for various reasons including its recent upgrades and advantageous location in the heart of Atlanta,” said Jim Yoder, partner, Velocis. “We bring fresh capital and a fresh mindset to the property which allows for a more aggressive approach to leasing space in the building. “
In line with Velocis’ value-add investment approach, the company will implement key property upgrades on top of recent extensive improvements made by the former owner. These new enhancements will include updated outdoor seating to create an outdoor tenant lounge with a firepit and communal area. Additionally, Velocis will upgrade the current spec office suite offering available to prospective tenants by providing fully furnished and outfitted tenant spaces.
These enhancements will complement the building’s current amenities including a newly renovated upscale tenant lounge and on-site Ashwood Café, an updated fitness center with locker rooms, showers and saunas, and an expansive shared conference room/training center. Additionally, dedicated parking spaces offer covered building access.
900 Ashwood is 65% leased to a strong tenant roster including CRH Americas, Inc.; Simpson Housing; Texas Instruments; Concentra Health; and several more. Immediately surrounding 900 Ashwood is over 50 dining options, 37 shopping options and 10 hotels. Many of these walkable amenities are in the newly completed Perimeter Marketplace located directly across the driveway from the building.
900 Ashwood is Velocis’ fifth Atlanta-market asset. The fund manager also owns Sugarloaf Corporate Center, an office park and mixed-use development in the heart of Atlanta’s Gwinnett County. Velocis’ previous Atlanta investments include Parkway at Avalon, a two-building office complex in Alpharetta; Royal Centre One, an office building in the heart of Alpharetta’s Royal 400 Office Park; and, 1600 Parkwood, an office building in the Cumberland/Galleria submarket.
Richard Reid and Huston Green at JLL Capital Markets brokered the off-market sale. Parmenter and Starwood were the sellers, and Parmenter will remain a 5% equity partner and provide property management and construction management services. Kirk Rich and Chris Godfrey of Avison Young will provide leasing services.
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. Acquisition team members include Daniel Plumlee, Rex Huddleston and Bailey Crowell.
Velocis is a private equity real estate investment firm active in the acquisition, operation/management and disposition of commercial real estate. Founded in 2010, Dallas-based Velocis has more than $2.2 billion historical assets under management and has raised more than $1 billion of equity. With a focus on the major markets in the Sunbelt region, the company’s portfolio includes multifamily, healthcare, industrial, office and retail. The Velocis partners have over 160 years of collective real estate experience, currently leveraging their talents across multiple strategies and fund vehicles. 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.