Velocis Purchases Class A Medical Office Complex in San Antonio
July 20, 2017SAN ANTONIO, Texas – (July 20, 2017) – Velocis, a private equity real estate manager, through its Velocis Fund II, has purchased Legacy Oaks, a 224,262-square-foot, Class A medical office complex located directly adjacent to San Antonio’s 900-acre South Texas Medical Center.
The seven-building complex, which recently underwent extensive capital improvements, is currently 75 percent leased by a mix of health care providers, including Baptist Health System, MEDNAX, BB&T, and the Center for Healthcare Services.
“This asset is one that checked all of the boxes for us in terms of our value-add investment strategy,” Mike Lewis, principal, Velocis. “The previous owner did an excellent job of laying the groundwork for the property’s long-term success. Building on their momentum, we plan to increase occupancy by providing fresh capital for physical enhancements, tenant improvements, and leasing commissions.”
To unlock value, Velocis plans to implement a refreshed management and leasing strategy with a market-oriented approach enhanced by key physical improvements.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 23 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.
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.
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.
