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Velocis, a private equity real estate fund, has purchased Park One, a three-building, multi-tenant, Class-A office development totaling 205,000 square feet in the Camelback Corridor in metropolitan Phoenix.

A team of brokers including Barry Gabel, Chris Marchildon, and Kevin Shannon represented the seller, a joint venture between California-based McCarthy Cook & Co. and New York-based Morgan Stanley Real Estate. CBRE’s Capital Markets’ Debt and Structured Finance team, including Bruce Francis, Dana Summers, Bob Ybarra and Shaun Moothart, worked on behalf of Velocis and the lender, providing debt financing for the purchase.

“Park One is ideally located in the Camelback Corridor, which is one of the most desirable office markets in metropolitan Phoenix,” said Mr. Gabel who is with CBRE’s Phoenix office. “Park One offered Velocis the opportunity to buy a newly renovated, TOBY award-winning, income-producing property, located in the heart of the Camelback Corridor at a substantial discount to replacement cost.”

According to CBRE Research, the Camelback Corridor has the highest average rental rates and property values in Phoenix. CBRE Econometric Advisors ranks the Camelback Corridor as a top-10 office submarket for rent growth, forecasting 6.3 percent average annual rent growth over the next three years.

“This is Velocis’ second office building acquisition in the Phoenix/Scottsdale market working with Barry Gabel and his team,” said Paul Smith, principal, Velocis. “We like the office market fundamentals and the strong job growth currently taking place in the Valley.”

Jim Yoder, principal, Velocis adds, “An institutional quality asset like Park One is a great fit for our acquisition strategy. We look forward to unlocking hidden value with additional capital improvement projects and an enhanced customer and tenant experience.”

Park One is located at 2111, 2121 and 2141 E. Highland Avenue in Phoenix. The property was 84 percent leased at time of sale and features a diverse tenant roster that includes various law firms, financial advisors, engineers and other professional services firms.

Situated within a park-like campus environment, Park One features a private two-acre lake, landscaped paths and bridges and abundant outdoor seating areas. The property also includes a freestanding restaurant/sports bar, a café and an on-site fitness center that was recently renovated in 2014 with new equipment and both above grade and below grade covered parking.

Park One is Velocis’ second acquisition in the Phoenix market. In 2015, the Fund purchased Camelback Square, a three-story Class-A office project in the heart of Old Town Scottsdale.

Velocis, has been active in real estate investment since 2011, purchasing 21 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.

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Texas-based Velocis LLC bought the three-building Park One office development. The complex is at Highland Avenue and 21st Street in the Camelback Corridor submarket.

“Park One is ideally located in the Camelback Corridor, which is one of the most desirable office markets in metropolitan Phoenix,” Gabel said.

Velocis bought the Camelback Square office development in 2015.

“This is Velocis’ second office building acquisition in the Phoenix/Scottsdale market working with Barry Gabel and his team,” said Paul Smith, principal, Velocis. “We like the office market fundamentals and the strong job growth currently taking place in the Valley.”

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Denver—Velocis has parted ways with a 76,085-square-foot traditional office building in Denver’s Greenwood Village submarket. The company sold the three-story Landmark Centre to Landmark Associates LLC, for an undisclosed price tag.

Originally built in 1984 as a build-to-suit for Ford Motor Co., Landmark Centre was acquired by Velocis back in 2012. Since then, the Dallas-based company has renovated and upgraded the lobby, resealed the building’s exterior and refinished the common areas.

“Velocis purchased this asset based on its prime location in a market with great demographics and near amenity-rich retail,” Velocis Principal Mike Lewis said in a statement. “Through key property improvements, we were able to identify and unlock its value, achieving our goals for the investment while maintaining near 100 percent occupancy throughout our hold period.”

Located at 5460 S. Quebec St., Landmark Centre provides covered parking for all its tenants, a rare feature for a building of its size in Denver. The property also offers views of the Rocky Mountains, easy access to the I-25 and proximity to The Landmark high-end mixed-use development. The asset was 99.5 percent leased at the time of sale.

Patrick Devereaux and Jason Schmidt of JLL arranged the transaction on behalf of Velocis, while Basham & Associates represented the buyer. Leasing and property management was handled by Transwestern Property Co.

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Denver—Velocis has parted ways with a 76,085-square-foot traditional office building in Denver’s Greenwood Village submarket. The company sold the three-story Landmark Centre to Landmark Associates LLC, for an undisclosed price tag.

Originally built in 1984 as a build-to-suit for Ford Motor Co., Landmark Centre was acquired by Velocis back in 2012. Since then, the Dallas-based company has renovated and upgraded the lobby, resealed the building’s exterior and refinished the common areas.

“Velocis purchased this asset based on its prime location in a market with great demographics and near amenity-rich retail,” Velocis Principal Mike Lewis said in a statement. “Through key property improvements, we were able to identify and unlock its value, achieving our goals for the investment while maintaining near 100 percent occupancy throughout our hold period.”

Located at 5460 S. Quebec St., Landmark Centre provides covered parking for all its tenants, a rare feature for a building of its size in Denver. The property also offers views of the Rocky Mountains, easy access to the I-25 and proximity to The Landmark high-end mixed-use development. The asset was 99.5 percent leased at the time of sale.

Patrick Devereaux and Jason Schmidt of JLL arranged the transaction on behalf of Velocis, while Basham & Associates represented the buyer. Leasing and property management was handled by Transwestern Property Co.

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The three-story, 76,085-square-foot office building was constructed in 1984. Velocis purchased the property in 2012 and has since renovated the lobby, refinished common areas and resealed the exterior. The property was 99.5% occupied at the time of sale.

Brandon Basham of Basham & Associates represented the buyer, while Patrick Devereaux and Jason Schmidt of JLL represented the seller.

Please refer to CoStar COMPS #3514221 for more information on this transaction.

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Austin, Texas—Global Retail Investors LLC, an affiliate of First Washington Realty Inc. has acquired West Woods Shopping Center, an 189,340-square-foot center in West Lake Hills. The seller was Dallas-based Velocis, a private equity investment manager, which had owned the asset since 2012. Terms were not disclosed.

“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.”

After acquiring West Woods, Velocis invested in signage upgrades, landscaping and parking lot improvements. At the time of the sale, the property was 98 percent leased.

HFF’s Jim Batjer and Barry Brown arranged the sale on behalf of Velocis, and Bryan Dabbs of BKD Realty handled leasing for West Woods. Lincoln Property Co. provided property management services.

West Woods Shopping Center sits at 3201 Bee Cave Rd, at the intersection of Bee Caves Road and Walsh Tarlton Lane, conveniently located in the heart of the West Lake Hills and Rollingwood neighborhoods. The property is anchored by Stein Mark (41,148 square feet), Michaels (17,624 square feet), Petco (11,180 square feet), and CVS (8,640 square feet).

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AUSTIN, TX—Proving that retail anchors aren’t called anchors for nothing, one of Austin’s best known and iconic retail properties, West Woods Shopping Center, a 189,340-square-foot center in West Lake Hills, a highly desirable Austin submarket, has been sold for an undisclosed price. The buyer was Global Retail Investors LLC, an affiliate of First Washington Realty Inc. Velocis, a private equity real estate manager, was the seller.

“Velocis was able to initially acquire this ideally located asset through a long-term relationship with the seller,” said Jim Yoder, Velocis principal.

Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is 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% leased.

Yoder tells GlobeSt.com: “Since purchasing West Woods in 2012, Velocis has focused on identifying opportunities to unlock value in this asset. By executing our strategy, we ultimately exceeded our goals for the investment.”

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 Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina. Velocis is led by a team of five principals who are directly responsible for the acquisition, asset management and disposition of assets. Joining Yoder as principals are Fred Hamm, Mike Lewis, Paul Smith and David Seifert.

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A purchase price was not disclosed. In 2015, the shopping center was appraised at $32.3 million by the Travis Central Appraisal District.

“Velocis was able to acquire this ideally located asset through a long-term relationship with the seller,” said Jim Yoder, a 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.”

The 189,340-square-foot center is 98 percent occupied, Velocis said. Anchor tenants include CVS, Michaels, Petco and Stein Mart.

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