WEST LAKE HILLS, TEXAS — Velocis, a private equity real estate manager, has sold West Woods Shopping Center in West Lake Hills, an Austin suburb. The 189,340-square-foot center was sold to Global Retail Investors, an affiliate of First Washington Realty, for an undisclosed price. Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is located at the intersection of Bee Caves Road and Walsh Tarlton Lane and is anchored by Stein Mart, Michaels, Petco and CVS/pharmacy. The property was 98 percent leased at the time of sale. HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Co. provided property management services, and Bryan Dabbs of BKD Realty handled leasing for West Woods.
Velocis Sells Austin’s West Woods Shopping Center
AUSTIN, Texas – (Feb. 1, 2016) – Velocis, a private equity real estate manager, has sold West Woods Shopping Center. The 189,340-square-foot center in West Lake Hills, a highly desirable Austin sub-market, was sold to Global Retail Investors, LLC, an affiliate of First Washington Realty, Inc., for an undisclosed price.
“Velocis was able to acquire this ideally-located asset through a long-term relationship with the seller,” said Jim Yoder, Velocis principal. “Over the course of our ownership, we unlocked its value by investing in property improvements and through strategic leasing and management efforts. As a result, we were able to substantially exceed our goals for the investment.”
Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is one of Austin’s best known and iconic retail properties, located at the prominent intersection of Bee Caves Road and Walsh Tarlton Lane. The retail site’s coveted location offers a stable customer base in the heart of two upscale Austin neighborhoods, West Lake Hills and Rollingwood. Anchored by Stein Mart, Michaels, Petco and CVS, West Woods also includes a variety of local and national shops and restaurants. The property is 98 percent leased.
HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Company provided property management services, and Bryan Dabbs of BKD Realty handled leasing for West Woods.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 20 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. Joining Jim Yoder as principals are Fred Hamm, Mike Lewis, Paul Smith and David Seifert.
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.
Prime retail center near Westlake sells to giant conglomerate
The property is in the Westlake neighborhood and includes tenants such as SteinMart, Petco, CVS Pharmacy and Michaels. It was 98 percent occupied at the time of closing.
Global Retail Investors is a partnership of First Washington Realty Inc. and CalPERS, the giant pension fund.
The seller was Velocis, a Dallas-based private equity real estate fund manager, which had acquired the property in 2012.
“Over the course of our ownership, we unlocked its value by investing in property improvements and through strategic leasing and management efforts,” said Jim Yoder, Velocis principal.
In fact, the year that Velocis purchased the property from TR Austin Retail Corp., it was valued at $18,675,000, according to the Travis Central Appraisal District. Last year, TCAD valued the 189,340-square-foot center at $32,288,386.
Built in two phases — in 1981 and 1992 — the shopping center is spread out over some 13 acres.
HFF Inc. represented Velocis in the sale. Lincoln Property Co. handled property management and Bryan Dabbs of BKD Realty leased it.
Velocis Purchases Shirlington Tower
Washington, D.C. (Nov. 30, 2015) – Velocis, a private equity real estate manager, in partnership with Moore & Associates, a Bethesda, MD based local sponsor, today announced the purchase of Shirlington Tower, a Class-A, 233,446-square-foot office building in Arlington, Va. The office building is located just one exit from the Pentagon and is adjacent to Interstate 395 as well as the amenity-rich Village at Shirlington shopping center.
This is the Fund’s second acquisition in Northern Virginia this year. In August, the Fund purchased Loudon Gateway II and III, two Class-A suburban office buildings located in the upscale Washington, D.C. suburb of Sterling, Va., in Loudoun Gateway Business Park.
“At just 48 percent leased, Shirlington Tower offers Velocis the opportunity to acquire a Class-A, well-located asset in the recovering Northern Virginia market at a significant discount to replacement cost,” said Mike Lewis, Velocis principal. “This is a true value-add opportunity which is exactly in line with our asset acquisition strategy to identify and purchase properties that offer opportunity to unlock hidden value. Having a local, joint venture partner in Moore & Associates with whom we have had prior experience further reinforces our confidence in the overall business plan.”
In addition to the LEED Gold office building, the property includes an attached six-story, 827-space parking garage which provides tenants with an above average parking ratio. On-site amenities include a fitness club, restaurant and salon. In addition to these amenities, Shirlington Tower is at the gateway to The Village at Shirlington, an outdoor mall featuring shopping and dining options and a spa, cinema, hotel and Metro bus station all within walking distance.
The Seller was represented by the Washington, DC office of Eastdil Secured. The property will be managed and leased by Moore & Associates.
Dallas-based Velocis, has been active in real estate investment since 2011, purchasing 18 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. Joining Mike Lewis as principals in Fund II are Fred Hamm, Paul Smith, Jim Yoder and David Seifert.
Moore & Associates is an owner/operator based in Bethesda, MD, with a track record spanning over 35 years. Moore manages over 1.5 million square feet of commercial real estate in both Washington, DC and Austin, TX valued in excess of $325M. The Moore executive team personally invest in every deal to maintain complete alignment of interest with outside capital partners.
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 https://www.velocis.com/.
About Moore & Associates
Since its founding in 1979, the Moore team has enhanced the value of its commercial real estate investments through proactive management, leasing, and tenant interior construction, strengthening the decades long belief that platform execution drives down risk while increasing overall return.
Past performance does not predict future results. This article does not constitute an offer to sell, or a solicitation of any offer to buy any securities of the Fund, nor is it intended to be a description of all material factors an investor should consider before investing in the Fund. Prior to making an investment decision, prospective investors should carefully review the offering documents of the Fund for a description of material factors to consider, including risk factors and investor suitability requirements.
Velocis Fund II Raises $120 Million in Capital
DALLAS – (Sept. 30, 2015) – Velocis Fund II, L.P., a private equity real estate fund, today announced it has a total of approximately $120 million in capital commitments (including co-investment capital). Most recently, Fire and Police Pension Association of Colorado (FPPA) committed $20 million in capital. Fund II is continuing to accept capital commitments until it reaches its targeted capital raise of $300 million.
“After carefully tracking our Fund I performance, FPPA made a meaningful commitment to Velocis Fund II. This type of actively-managed, value-add fund appeals to FPPA, as does our ability to deploy capital and unlock hidden value in assets across multiple markets and multiple product types,” said Fred Hamm, Velocis managing principal. “We are quite pleased with our current fundraising velocity, and going forward, will continue to hold rolling closes in anticipation of reaching our fund target sometime in the second quarter of 2016. Our acquisition pipeline is steady, but we’ll be very careful getting our capital out. ”
When incorporating moderate leverage of 65 percent, $300 million of equity will give Velocis Fund II approximately $850 million in purchasing power. Fund II currently has total assets under management of more than $182 million. This includes a traditional office building in Scottsdale, Arizona; a two-asset office building in Sterling, Virginia; and a specialty data center/carrier hotel in Charlotte, North Carolina. Velocis has three years to deploy capital.
Fund II is pursuing a value-add strategy focused on traditional office, medical office, data center and retail properties in select U.S. growth markets. The Fund targets financially-distressed or under-managed U.S. real estate assets in the $20 to $70 million range. The Fund has purchased three assets and anticipates securing 20 to 25 properties over a three-year investment period.
Velocis Fund II is led by a team of five seasoned principals who are directly responsible for the acquisition, asset management and disposition of assets. Joining Fred Hamm as principals in Fund II are Mike Lewis, Jim Yoder, Paul Smith and David Seifert.
Velocis has been active in real estate investment since 2011, purchasing 19 assets located in Arizona, Colorado, Texas, Georgia, Florida, North Carolina, and the Washington, D.C. metropolitan area.
About Velocis
Velocis Fund I and Velocis Fund II are active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Velocis Advisors, LLC provides asset management and advisory services to both investors and real estate clients through separate accounts. Additional information about Velocis can be found at https://www.velocis.com/.
Velocis and Lincoln Purchases Key Charlotte Data Center Facility
“Velocis capitalized on a unique opportunity to secure this property for its important location at the cross roads of Charlotte’s colocation and connectivity network,” said Jim Yoder, Velocis Principal. “The asset’s status as a prime fiber optic hub combined with the abundant power and security the building offers tenants, creates a significant untapped opportunity.”
The two-story building, which offers expansion opportunities, was built in 1968 and is currently more than 80 percent leased. Significant long-haul fiber routes originate from all directions through the building and it draws a wide array of telecommunications and colocation data center users. Additionally, it is ideally located close to multiple data centers and telecommunication companies including the area’s main AT&T switch.
Velocis partnered with Lincoln Property Company on the acquisition. “Charlotte offers a dense telecommunication infrastructure that is on par with any Tier 1 city,” said Martin Peck of Lincoln’s data center division, Lincoln Rackhouse. The facility will be leased and managed by Lincoln Harris.
Dallas-based Velocis, has been active in real estate investment since 2011, purchasing 18 assets located in markets in Texas, Colorado, Georgia, Florida, North Carolina and Arizona. Launched in 2010, the Fund is led by principals Fred Hamm, Mike Lewis, Paul Smith, Jim Yoder and David Seifert.
About Velocis
Velocis consists of two entities: Velocis Fund, LP and Velocis Advisors, LLC. 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.
About Lincoln Rackhouse
Lincoln Rackhouse is the data center division for Lincoln Property Company. Headquartered in Dallas, Texas, Lincoln Property Company is one of the largest and most respected diversified real estate services companies in the industry. The Company employs over 4,000 professionals in over 100 markets in the United States and Europe.
see article >
Velocis Purchases Key Charlotte Data Center Facility
Charlotte (Aug. 17, 2015) – Velocis, a private equity real estate manager, has purchased 701 Trade Street, a telecom carrier hotel and data center in downtown Charlotte. This is Velocis’ second asset purchased in North Carolina.
“Velocis capitalized on a unique opportunity to secure this property for its important location at the cross roads of Charlotte’s colocation and connectivity network,” said Jim Yoder, Velocis Principal. “The asset’s status as a prime fiber optic hub combined with the abundant power and security the building offers tenants, creates a significant untapped opportunity.”
The two-story building, which offers expansion opportunities, was built in 1968 and is currently more than 80 percent leased. Significant long-haul fiber routes originate from all directions through the building and it draws a wide array of telecommunications and colocation data center users. Additionally, it is ideally located close to multiple data centers and telecommunication companies including the area’s main AT&T switch.
Velocis partnered with Lincoln Property Company on the acquisition.
“Charlotte offers a dense telecommunication infrastructure that is on par with any Tier 1 city,” said Martin Peck of Lincoln’s data center division, Lincoln Rackhouse. The facility will be leased and managed by Lincoln Harris.
Dallas-based Velocis, has been active in real estate investment since 2011, purchasing 18 assets located in markets in Texas, Colorado, Georgia, Florida, North Carolina and Arizona. Launched in 2010, the Fund is led by principals Fred Hamm, Mike Lewis, Paul Smith, Jim Yoder and David Seifert.
About Velocis
Velocis consists of two entities: Velocis Fund, LP and Velocis Advisors, LLC. 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 https://www.velocis.com/.
Digital crossroads uptown acquired by private equity real estate manager.
Velocis and Lincoln Harris bought the building at 701 E. Trade Street in a deal that closed last week. The two-story building is a node in the invisible but all-important infrastructure web around us, housing major fiber optic lines and data switches.
“Velocis capitalized on a unique opportunity to secure this property for its important location at the cross roads of Charlotte’s colocation and connectivity network,” said Jim Yoder, Velocis principal, in a statement. “The asset’s status as a prime fiber optic hub combined with the abundant power and security the building offers tenants, creates a significant untapped opportunity.”
Lincoln Harris will lease and manage the center. The building was constructed in 1968 and is 80 percent leased.
“Charlotte offers a dense telecommunication infrastructure that is on par with any Tier 1 city,” said Martin Peck. He’s with Lincoln Harris’ data center division, Lincoln Rackhouse.
Here’s how Velocis described the building’s importance in a statement:
“Significant long-haul fiber routes originate from all directions through the building and it draws a wide array of telecommunications and colocation data center users. Additionally, it is ideally located close to multiple data centers and telecommunication companies including the area’s main AT&T switch.”
Velocis Purchases Loudoun Gateway II & III
Washington, DC – (Aug. 6, 2015) – Velocis, a private equity real estate manager, today announced the purchase of two Class-A suburban office buildings located in the upscale Washington, D.C. suburb of Sterling, Virginia in Loudoun Gateway Business Park. The assets, Loudoun Gateway II & III, total 179,864 square feet and are adjacent to Dulles International Airport.
“Loudon Gateway II & III are solid assets located in an exceptional business park in the recovering Northern Virginia market,” said Paul Smith, Velocis principal. “The two buildings provide tenants strong security infrastructure, proximity to the airport and major area government employers, as well as easy access to the new Silver Line rail extension and amenities, scheduled for completion in 2018.”
The two high-quality, interconnected buildings are currently over 90 percent leased by a select group of companies representing some of the premier government contractors in the area. The seller was represented by Chip Ryan of Avison Young. The property will be managed by DTZ and leasing services will be provided by Moore & Associates.
Dallas-based Velocis, has been active in real estate investment since 2011, purchasing 17 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona 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.
Joining Paul Smith as principals in Fund II are Fred Hamm, Mike Lewis, Jim Yoder and David Seifert.
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 https://www.velocis.com/.
Past performance does not predict future results. This article does not constitute an offer to sell, or a solicitation of any offer to buy any securities of the Fund, nor is it intended to be a description of all material factors an investor should consider before investing in the Fund. Prior to making an investment decision, prospective investors should carefully review the offering documents of the Fund for a description of material factors to consider, including risk factors and investor suitability requirements.
Dallas-Based Investor Buys VA Office Buildings
STERLING, VA—Private equity manager Velocis has acquired two Class A office buildings totaling almost 180,00 square feet in the Loudoun Gateway Business Park here.
see article >
