Velocis acquires 8.45 acres for $35 million medical office project in Fort Worth

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.

Velocis Anticipates Growth with San Antonio, Nashville Buys

Velocis recently purchased two multifamily assets, Highline, a 208-unit multifamily community in San Antonio, and Station 40, a 246-unit multifamily community in Nashville. Highline and Station 40 are Velocis’ third and fourth multifamily assets. Velocis also owns multifamily assets in Charlotte and Austin.

“San Antonio and Nashville continue to be top job markets, and both are seeing excellent population and economic growth. We believe the San Antonio to Austin corridor will continue to see robust growth, as will Nashville,” said Jim Yoder, partner. “Multifamily is one of the most dynamic sectors in the real estate industry. Both assets provide value-add opportunities and are poised to achieve strong rent growth.”

Built in 2000, Highline is located 10 minutes east of the University of Texas at San Antonio and across the street from the new University Village mixed-use development. Once completed, University Village will span 114 acres, and include 320,000 square feet of office and 119,000 square feet of retail, all walkable from Highline.

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Velocis Purchases Two Multifamily Assets

New purchases in San Antonio and Nashville are Velocis’ third and fourth multifamily assets

Dallas, Texas – (Oct. 21, 2021) – Velocis, a private equity real estate manager, has purchased two multifamily assets, Highline, a 208-unit multifamily community in San Antonio, and Station 40, a 246-unit multifamily community in Nashville, Tennessee. 

Highline and Station 40 are Velocis’ third and fourth multifamily assets. Velocis also owns multifamily assets in Charlotte, North Carolina, and Austin, Texas. 

“San Antonio and Nashville continue to be top job markets, and both are seeing excellent population and economic growth. We believe the San Antonio to Austin corridor will continue to see robust growth, as will Nashville,” said Jim Yoder, partner. “Multifamily is one of the most dynamic sectors in the real estate industry. Both assets provide value-add opportunities and are poised to achieve strong rent growth.” 

Built in 2000, Highline is located 10 minutes east of the University of Texas at San Antonio and across the street from the new University Village mixed-use development. Once completed, University Village will span 114-acres and include 320,000 SF of office and 119,000 SF of retail, all walkable from Highline. 

Highline has enjoyed a history of strong institutional ownership and the property requires minimal updates. However, Velocis will implement a comprehensive value-add plan for the unit interiors to improve leasing traffic and push rents including updated counters, cabinetry, flooring, lighting/hardware and more. 

As Austin continues to grow and that market’s cost of living continues to rise, companies and renters alike have moved down the I-35 corridor to San Antonio for a more affordable lifestyle. However, San Antonio is also experiencing meaningful population growth with a modest delivery of new housing – promising strong rent growth opportunities in the near term.

Station 40, located in Nashville’s Sylvan Park neighborhood, is a Class A, mid-rise multifamily asset built in 2016. The property is a short distance from many of Nashville’s top employers and is surrounded by premier retail, including a new Publix grocery store under development. The asset already has a strong market and leasing presence that will be further enhanced with updates to the gym, pool deck, outdoor lounge and business center. Additionally, Velocis plans to implement a value-add program that includes upgraded flooring, cabinetry, lighting and technology packages to modernize unit interiors.  

Velocis acquired an office building in downtown Nashville earlier this year and is excited to expand the Fund’s footprint in this booming market.

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.

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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Velocis Completes Portfolio Sale of Three Suburban Office Assets

Sale marks the successful transition of three Class A assets from multiple markets

DALLAS – (Oct. 18, 2021) – Velocis, a private equity real estate manager, has sold three assets in a portfolio sale to an institutional buyer, including Kierland One in Phoenix, Arizona, Parkway at Avalon in Alpharetta, Georgia, and 3120 Fairview Park in Falls Church, Virginia.

Through prioritizing investments in the Sunbelt markets, Velocis strategically acquired Kierland One, Parkway at Avalon and 3120 Fairview Park for their prominence in both quality and location. Velocis repositioned each Class A asset and executed successfully on its leasing strategy prior to selling. 

“By initiating several strategic renovations and marketing campaigns for each property, we were able to unlock value for our investors,” said Jim Yoder, Co-Founder and Partner at Velocis. “These value additions, alongside our long-standing industry relationships, provided the perfect opportunity for all three assets from different markets to be sold together.”   

Kierland One is a four-story 175,577-square-foot Class A office building situated on 11 acres of land in Phoenix directly off Scottsdale Road. This asset was acquired by Velocis in 2019 and is anchored by the Carlisle Companies corporate headquarters. 

Parkway at Avalon is a 194,644-square-foot two-building office property located in the thriving Atlanta suburb, Alpharetta, and directly across from Avalon, one of the top mixed-use developments in the South. Velocis purchased Parkway at Avalon in 2017 from a special servicer, LNR, through an online auction platform and significantly repositioned the asset through a lobby renovation and amenity upgrades. 

3120 Fairview Park is a 195,260 square foot office building located in Fairview Park, one of Northern Virginia’s premier suburban office parks. Velocis purchased this asset in 2016 alongside long-time partner Moore & Associates. Moore & Associates leased and managed the property, and they played an instrumental role in repositioning the asset.

Velocis was represented by Kevin McConn from JLL Capital Markets who brought the buyer and Velocis together in an off-market transaction with discussions beginning prior to the COVID-19 Pandemic. 

“We have been in discussion with the buyer for just under two years. Through patience and persistence, we were able to successfully execute on a portfolio sale by delivering meaningful capital back to our investors,” said Mike Lewis, Co-Founder and Partner at Velocis. 

Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in Sunbelt 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 Sunbelt. 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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Why Velocis Chose Dallas for Its Industrial Debut

Partner Paul Smith offers a full picture of the company’s recent decision to enter new territory.

As online shopping transitioned from “an option” to “first choice” for many end clients in the past few years, demand for space has skyrocketed. An increasing number of companies continue to enter the booming industrial sector and developers are barely keeping pace.

According to CommercialEdge data, almost 500 million square feet of industrial space was under development across the country as of July, with the Dallas-Fort Worth market leading the way, with 32.6 million square feet under construction.

Last month, Velocis kicked off its entry into the industrial sector with the acquisition of two development sites in the Dallas area. The company teamed up with Sumitomo Corp. of Americas to develop 850,000 square feet of Class A industrial space in the South Dallas and the Great Southwest submarkets of Texas. Partner Paul Smith offered Commercial Property Executive an in-depth view on the strategy behind this move.

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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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West Palm Beach office tower sold for $61M

The 18-story One Clearlake Centre office in downtown West Palm Beach sold for $60.7 million.

Velocis Clearlake SPE LLC, a partnership between Velocis and CREC Capital, sold the 220,000-square-foot office at 250 S. Australian Ave. to a partnership of Miami-based Tricera Capital, Palm Beach-based NDT Development, Boston-based New England Development and Boston-based Rockpoint Group. The deal was brokered by JLL. The price equated to $276 a square foot for the offie space. It also includes a 669-space parking garage. 

One Clearlake Centre last traded for $42.3 million in 2017, so it gained in value. 

The tower was developed on the 2.9-acre site alongside a lake in 1987. 

Tricera Capital is also building the Press mixed-use project in West Palm Beach.

“We are very excited about the One Clearlake acquisition, and continue to be extremely bullish on the city and its long-term growth,” Tricera co-founder and Managing Principal Ben Mandell said. “The building’s location, quick easy access to the interstate, sublime water views, upscale finishes and flexible floor plates make OCL an ideal fit for any local, national or global company that desires to be in downtown West Palm Beach.”

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Dallas-based Velocis buys downtown office building, plans renovations

For its first Nashville project, a Dallas-based real estate company bought an office building in the heart of downtown Nashville, with plans for significant renovations.

In a joint venture with Lincoln Property Co., Velocis bought the 232,194-square-foot complex at 211 Commerce Street. The purchase price wasn’t disclosed, but sources with knowledge of the deal said the figure was around $50 million.

Velocis is also putting $13 million into refurbishing the structure, which ranks among the largest downtown office buildings, according to Nashville Business Journal research. Construction is expected to start within 90 days and wrap up by year’s end, said Jim Yoder, a founding partner at Velocis.

“We think Nashville has become a haven for technology and financial services and maybe somebody who’s looking for a little more hip environment, and so we’re going to try to create that,” Yoder said.

This is Velocis’ first buy in Nashville. But the Texas-based firm has a significant stake in Austin, another popular tourist destination, and has been scouting Music City for a year or so trying to find the right project, Yoder said. He lists similarities between the two cities’ dynamics and energy, along with Nashville’s strong entertainment business, as attractions.

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Velocis Finds First Nashville Purchase in 211 Commerce

Class A office in the heart of Nashville to undergo multi-million-dollar capital improvement plan

NASHVILLE, Tenn. – (Feb. 25, 2021) – Velocis, a private equity real estate manager, has purchased 211 Commerce, a Class A 232,194-square-foot office complex in the heart of downtown Nashville.

The property – Velocis’ first purchase in the Nashville market – was purchased in a joint venture with Lincoln Property Company (LPC).

“Nashville is one of the country’s top markets for growth and relocation, and 211 Commerce is the ideal opportunity to take advantage of this momentum and positive market dynamics,” said Jim Yoder, Velocis partner. “Velocis is hyper focused on building a diversified and balanced portfolio by purchasing true value-add assets in elite locations. 211 Commerce has a tremendous framework to reposition the building into a more vibrant place to work at the gateway of Nashville’s trendiest neighborhoods.”

Velocis will implement a comprehensive $13 million capital improvement plan, including a full renovation of the main lobby, window glazing upgrades to improve natural light, outdoor plaza updates to upgrade tenant experiential spaces, and other value-add improvements including the addition of a new fitness center, conferencing space, ground floor retail and a tenant lounge.

Located at 211 Commerce Street, the property was built in 2000 and will be 28% leased when the largest tenant, Baker Donaldson, vacates at the end of March. This provides a unique opportunity for a new anchor tenant to brand the building with prominent top of building signage.

As joint venture partner, Lincoln Property Company, will provide property management, leasing oversight and construction management services throughout the repositioning. 211 Commerce is Velocis and LPC’s third joint venture together.

“211 Commerce is an iconic building on the Nashville Skyline.  Lincoln is thrilled to work alongside Velocis on the dynamic improvements to the building,” said Tyler Jones, executive vice president, Lincoln Property Company.  “Once the renovation is complete, the building will be reintroduced to the market as an ideal option for prospective tenants.”

JLL served as the broker for the sale representing the seller, BentallGreenOak, acting on behalf of its client, and has been selected to provide office leasing services. Ojas Partners will oversee retail leasing.

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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