NASHVILLE, TENN. — Velocis, a private equity real estate investment management firm, has recently completed the $15 million renovation of Two Eleven Commerce, a 233,341-square-foot office building located at 211 Commerce St. in downtown Nashville. Velocis purchased the 11-story office tower in spring 2020 with Lincoln Property Co., the third joint venture between the two Dallas-based firms.
Built in 2000, the office building’s renovations include a two-story lobby with a new glass entry portal, contemporary conference center, integrated tenant lounge with indoor/outdoor seating, onsite catering kitchen and a fitness center with full locker rooms and showers. Other improvements throughout the office tower include upgraded and modernized elevators and elevator bays, exterior paint, new windows and a new gateless entry parking system in the building garage.
High-end spec suites among the 90k square feet of available space for lease
Photos courtesy of JLL
NASHVILLE – (Sept. 21, 2022) – Dallas-based Velocis, a private equity real estate investment management firm, recently completed a $15 million renovation at the 233,341-square-foot Two Eleven Commerce, at 211 Commerce St. in Nashville. Velocis purchased the 11-story Class A office tower in spring 2020 in a joint venture with Dallas-based Lincoln Property Company (Lincoln).
“Two Eleven Commerce is an iconic part of Nashville’s downtown, and we have been hyper-focused on renovating this great building from being a generic office tower to being an ideal option for prospective tenants,” says Jim Yoder, partner at Velocis. “These changes and added amenities complement the fabulous downtown location. Two Eleven Commerce is a great example of what company leadership desires in today’s flight-to-quality environment.”
The significant renovations and improvements include an enhanced two-story lobby with a new glass entry portal, as well as a contemporary conference center and integrated tenant lounge with indoor/outdoor seating and an on-site catering kitchen.
Additionally, the building, originally built in 2000, has a new fully equipped fitness center with highly finished full locker rooms and showers. Other improvements throughout the office tower include:
Upgraded and modernized elevators with remodeled and refurbished multi-tenant elevator lobbies
Painted exterior facade
New windows that allow eight times more sunlight throughout the building
A new gateless entry parking system in the building garage
These renovations have contributed to several recent leases, including a 67,000-square-foot lease for recruiting firm IQTalent across the top three floors with top-of-building signage.
Additionally, the trendy, high-end global burger chain Black Tap Craft Burgers & Beer recently signed a lease at Two Eleven Commerce. The New York-based chain will bring its innovative burgers and shakes and lively atmosphere to the lobby in spring 2023.
“The ownership did an outstanding job with their improvements and it has paid off with our recent leasing activity,” says Sarah Pettigrew, JLL Executive Vice President, who is leasing the property with JLL colleagues Bill Adair and Ashley Marshall. “The opening of Black Tap will create an energized vibe on the ground floor, as well as provide a nice building amenity for our office tenants.
About 90,000 square feet is currently available including about 15,000 square feet of speculative office suites. “This space is ideal for companies looking for a downtown Nashville address in a modern space with walkable amenities,” Pettigrew adds. “There are a multitude of restaurant and nightlife opportunities within a few minutes’ walk of Two Eleven Commerce.”
Touted as North America’s largest food hall, the new Assembly Food Hall is just two blocks away at Fifth and Broadway, and the Riverfront Station for the WeGo Public Transit commuter rail station is just a three-minute walk from Two Eleven Commerce.
The property is Velocis’ first venture into the Nashville market. Lincoln, Velocis’ JV partner, has provided construction and property management services for the building since the acquisition. The facility is Velocis and LPC’s third joint venture together.
“Two Eleven Commerce has been transformed to a modern high-quality office where companies and their employees can go to work in collaborative spaces invigorated with high-end amenities,” says Lincoln Executive Vice President Tyler Jones. “The updated lobby, indoor/outdoor tenant lounge and fitness center provide an exceptional amenity base and the new windows will enhance natural light throughout the building.”
Dallas-based Velocis has been active in real estate since 2010 with a total of 50 projects located in Sunbelt markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee as well as 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 Yoder, Mike Lewis, Fred Hamm, 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. Founded in 2010, Dallas-based Velocis has more than $2.5 billion of historical assets under management and has raised more than $1.1 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.
About Lincoln Property Company
Lincoln Property Company (Lincoln), founded in 1965, is a privately-owned real estate firm offering a full-service platform that includes real estate investment, development, construction management, property management, leasing, asset management, and accounting services. With offices in all major markets across the U.S. and throughout Europe, Lincoln provides the depth and breadth of expertise needed to deliver successful projects worldwide. Lincoln’s cumulative development efforts have produced over 150 million square feet of commercial space and over 225,000 multifamily residential units. The firm is one of the Top 10 U.S. Developers of office, industrial, retail, and mixed-use properties, and the second-largest apartment manager in the country. Visit www.lpc.com for more information.
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.
Velocis, a Dallas-based private equity real estate manager, acquired the two-building Research Square at 1500 & 1550 Research Blvd. in the Shady Grove submarket of Rockville in a joint venture with Arlington, Virginia-based Altus Realty.
The acquisition includes 89,640 square feet of office space across two buildings on 7.45 acres, just west of Interstate 270. The Shady Grove submarket is the most sought-after biotech cluster within Maryland’s nationally recognized life science market. The traditional office space will be converted to life science and lab space, with construction scheduled to begin in January 2023.
This submarket consistently ranks as one of the top life sciences clusters in the U.S. The region is home to the headquarters of many distinguished national public health research and regulatory agencies including the National Institutes of Health (NIH), US Pharmacopeia, the Biomedical Advanced Research and Development Authority (BARDA) and the U.S. Food and Drug Administration (FDA), to name just a few.
Two-Building Research Square located in the desirable Shady Grove biotech cluster
Photo courtesy of CBRE Velocis acquires the 89,640-square-foot office building at 1500 & 1550 Research Blvd. on 7.45 acres in Rockville, Md.
ROCKVILLE, MD. – (July 27, 2022) – Velocis, a Dallas, Texas-based private equity real estate manager, acquired the two-building Research Square at 1500 & 1550 Research Blvd. in the Shady Grove submarket of Rockville, Md., in a joint venture with Arlington, Va.-based Altus Realty.
The acquisition includes 89,640 square feet of office space across two buildings on 7.45 acres, just west of I-270. The Shady Grove submarket is the most sought-after biotech cluster within Maryland’s nationally recognized life science market. The traditional office space will be converted to life science and lab space, with construction scheduled to begin in January 2023.
“The Shady Grove life science submarket currently has less than 1% vacancy rate, indicating that demand far outweighs supply,” said Velocis Partner Mike Lewis. “Existing lab product in the area rarely becomes available, so there are limited conversion opportunities available. This is due to building constraints and/or existing tenant encumbrances. There are also limited approved life science sites available for ground up construction. These dynamics continue to put pressure on rents, with newly delivered lab product leasing in the low $40s NNN, a nearly 60% increase since 2015.”
“This project has perfect bones for an immediate conversion to life science,” said Altus Realty Partner Al Troup. “We’ve been looking for the right opportunity within the I-270 Corridor for the past 24 months. This property possesses the base building attributes and location we think are required for an immediate transformation that will enable a speed to market in an area with strong pent-up demand for lab space. We look forward to partnering with our friends at Velocis.”
This submarket consistently ranks as one of the top life sciences clusters in the U.S. The region is home to the headquarters of many distinguished national public health research and regulatory agencies including the National Institutes of Health (NIH), US Pharmacopeia, the Biomedical Advanced Research and Development Authority (BARDA) and the U.S. Food and Drug Administration (FDA), to name just a few.
Maryland’s life sciences manufacturing sector expanded at one of the fastest rates nationwide (31%), with research and development (R&D) accounting for roughly two-thirds of total industry employment in the state according to the New Opportunities for Job Creation in Maryland’s Life Sciences Industry report released from The Milken Institute last October. The report further states that Maryland has the world’s largest cell therapy manufacturing facility and leads in global adult stem cell production and vaccine R&D, with 20% of the world’s top influencers in vaccine development operating in the region.
“A medical office was our first acquisition as a firm and a key part of our portfolio makeup,” Lewis added. “We have been looking for the right opportunity for a pure play in the life science space and feel very fortunate to acquire a true hidden gem with Research Square in the heart of the Shady Grove submarket.”
With construction starting in January, international architecture, design and planning firm, Gensler, has started blueprint drawings for the conversion.
“We are already deeply involved in the design stage to get an early jump on converting the buildings to have the right infrastructure to meet the tenant demand in this space. With high barrier-to-entry, there is an urgent need for great alternatives to keep pace with the growth demand. Research Square should deliver in a timely manner to help meet these needs and is poised for an expeditious lease up at market-leading rental rates,” Lewis noted.
Velocis and Altus Realty also partnered in 2018 to acquire Greensboro Park, a two-building 505,085-square-foot office complex at 8180 and 8200 Greensboro Dr. in Tysons, Va.
Dallas-based Velocis has been active in real estate since 2010 with a total of 50 projects located in Sunbelt markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee as well as 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 Lewis, Fred Hamm, 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. Founded in 2010, Dallas-based Velocis has more than $2.5 billion of historical assets under management and has raised more than $1.1 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.
About Altus Realty
Altus is a full-service real estate development and investment company based in Arlington, Va. From repositioning underperforming assets to developing ground-up projects, we focus on creating mixes of residential, office, retail and hospitality experiences that inspire. Our thoughtful, crafted approach to each project is guided by a strong vision grounded in the particular context of each site. We seek to elevate surrounding neighborhoods with each of our projects. Together with our investors, which range from major institutions to individuals, we are committed to building long-term relationships and value. Additional information about Altus Realty 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.
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.
Nearly 100k SF planned across two buildings for 2023 completion in prime location near Texas Health Hospital in Willow Park
FORT WORTH – (April 20, 2022) – Velocis, a private equity real estate investment management firm, acquired almost 8.5 acres off I-20 in Fort Worth adjacent to the Texas Health Hospital in Willow Park, to build two speculative medical offices buildings (MOBs) totaling 100,000 square feet.
“This project will deliver Class A medical office space to a growing medical node in Willow Park that is serving the explosive population growth and strong demographics,” says Velocis Co-Founder and Partner Mike Lewis.
The site is off I-20 in Willow Park in the center of the dynamic growth corridor between Weatherford and Fort Worth. The price of the land was not disclosed.
The project includes two speculative MOBs; one will be three stories totaling 60,000 square feet and the other will be two stories totaling 40,000 square feet. Construction is slated to start this year with a 2023 targeted completion. JLL’s Ethan Garner, who leads their Healthcare and Life Science practice, will handle leasing for the buildings.
“Our site is adjacent to the Texas Health Willow Park hospital campus, as well as multiple ambulatory surgery centers under construction including GI Alliance and a spine and orthopedic center,” Lewis adds.
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.
“This development is the culmination of years of planning that will enhance the quality of life for West Fort Worth for future generations. The first phase, the 60,000 SF MOB, will be the nexus of the masterplan campus offering a full spectrum of healthcare services to Willow Park, Weatherford and surrounding trade areas,” says Mark Samples, President of Prime Healthcare Properties, LLC.
Dallas-based Velocis has been active in real estate since 2010, purchasing and developing over $2 billion worth of commercial assets across the Sunbelt. 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 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. Founded in 2010, Dallas-based Velocis has more than $2.2 billion of 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.
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.
About Velocis
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.
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.
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.
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.
