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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Velocis Purchases 240-Unit Multifamily Property in Southwest Austin, Texas

AUSTIN, Texas – (Jan. 13, 2021) – Velocis, a private equity real estate manager, has purchased The Saint Mary, a 240-unit Class A multifamily community in Southwest Austin.

Completed in 2019, The Saint Mary is located at 7500 W Slaughter Lane in Austin. The garden-style community features top-of-market unit features and community amenities, including a resort-style infinity edge pool, an outdoor kitchen and a state-of-the-art fitness center. The property is currently 85% leased.

“We’ve been looking to grow our portfolio in Austin for quite some time but were waiting for the right investment opportunity to arise,” said Jim Yoder, Velocis partner. “The Saint Mary has already experienced fantastic leasing momentum thanks to its Class A amenities, its location in one of the best housing markets in the area, and the fact that it is zoned to some of Austin’s highest rated public schools. We hope to build on that momentum through diligent management and marketing.”

Velocis will be working with Austin based Wildhorn Capital as their local operator for The Saint Mary. Wildhorn Capital also helped source the acquisition. The Saint Mary was built and sold by Austin-based Stratus Properties and marketed by Berkadia.

Velocis successfully closed on it first multifamily asset in Q4 2020 with the purchase of Beverley, a 201-unit, Class A apartment community in Charlotte, NC. The Saint Mary is Velocis’ second multifamily acquisition and further validates Velocis’ commitment to the multifamily space.

Dallas-based Velocis has been active in real estate since 2010, purchasing 34 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, 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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Velocis Makes First Multifamily Acquisition: 201-Unit Apartment Property in Charlotte

CHARLOTTE, NC – (Dec. 28, 2020) – Velocis, a private equity real estate manager, has made its first multifamily acquisition with the purchase of Beverley, a 201-unit mid-rise apartment community in Charlotte. Beverley was built in 2020 by Charlotte-based developer, Proffitt Dixon Partners and was lightly marketed to a select group of investors by JLL.

Responding to pandemic-driven changes in the US real estate market, Velocis has broadened its investment optionality by adding multifamily assets to its investment product offerings. As its first multifamily acquisition, Beverley represents an opportunity for the real estate manager to stay true to its value-add strategy while expanding into a new asset class.

“We see immense opportunity in the multifamily market across the country, but we’re still incredibly prudent in how we deploy capital. In fact, we looked at nearly 100 multifamily assets before finding the right fit with Beverley,” said Jim Yoder, Velocis partner. “As a new, high quality, top-of-market, asset in the late ‘lease up’ stage, the fundamentals we found in Beverley will allow us to continue the property’s leasing momentum toward stabilization without renovation costs and the associated risk.”

Beverley is located in Charlotte’s prime Ballantyne submarket, which has experienced tremendous recent growth with the relocation of major corporate employers to the area, along with Class A retail and the 2,000-acre Ballantyne master-planned community.

Beverley features top-of-market unit features and community amenities, including coworking spaces, a rooftop deck, a resort-style saltwater pool, dog park, spa, fitness center and luxury interior finishes. The property is currently 71% leased.

Dallas-based Velocis has been active in real estate since 2010, purchasing 33 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, 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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Class A Office in Northern Virginia Marks First Acquisition in Newly Launched Velocis Fund III

Real estate manager to kick off multi-million-dollar value add program to 1530 Wilson Boulevard, located in desirable Rosslyn, VA submarket

ROSSLYN, Va. – Velocis, a private equity real estate manager, has purchased 1530 Wilson Boulevard, a 171,373-square-foot, Class A office building in Northern Virginia’s Rosslyn submarket. The 10-story building was acquired in an off-market transaction from a client represented by Invesco Real Estate and is the first acquisition in Velocis Fund III.

With solid rental rates in place, thanks to the property’s quality and location, Velocis will focus its value-add efforts on attracting new tenants to the property. A multi-million-dollar building improvement program, to begin within the year, will include renovating the lobby and exterior façade, refreshing common areas, upgrading the current fitness center and conference room, and implementing a fully capitalized leasing program.

“1530 Wilson represents an opportunity to acquire a high-quality office asset with significant in-place, credit-worthy cash flow in an irreplaceable location in the Rosslyn submarket,” said Paul Smith, Velocis partner. “Velocis takes a geocentric approach to investing, focusing on select non-gateway markets experiencing rapid population migration and significant job growth. This asset and the Northern Virginia market fit nicely in the Velocis investment strategy. Velocis has made a meaningful commitment to Northern Virginia, and our ability to capture this outstanding asset off-market is exciting to our team.”

Lincoln Property Company’s Washington, D.C. office will continue to lease and manage the property, which is currently 81% occupied.

Rosslyn serves as the gateway to Virginia, and a bridge to the Washington, D.C. downtown central business district. Positioned on Wilson Boulevard, within the Western Wilson Boulevard District, 1530 Wilson benefits from tremendous access, a robust amenity base, and strong employers.

Dallas-based Velocis has been active in real estate since 2010, purchasing 32 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, 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. Partners in Fund III are 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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Velocis Sells Iconic Fort Worth Shopping Center, Ridglea Village

FORT WORTH, Texas (November 11, 2019)– Velocis, a private equity real estate manager, has sold Ridglea Village, a 112,117-square-foot mixed-use center in Fort Worth’s historic Camp Bowie District.

Built in 1939, Ridglea Village is one of Fort Worth’s most iconic retail properties, recognized for its Spanish-Mediterranean tile roof and distinctive charm. Since acquiring the center in 2011, Velocis has completed a full makeover of the property, restoring it to its original luster. Renovation efforts resulted in long-term lease renewals with some of Ridglea Village’s most prominent tenants, including La Madeleine, European Skincare & Med Spa, Haltom’s Jewelers and FedEx. In addition, the property also welcomed a number of new tenants, including R Taco, Chicken Salad Chick, Campisi’s, Buttermilk Sky Pies and Regen Wellness Spa.

“We purchased Ridglea Village because we saw the unique opportunity to own an iconic, historic Fort Worth asset that we could improve physically and in terms of usability for the surrounding neighborhood,” said Jim Yoder, partner, Velocis. “Ultimately, we were able to execute our business plan for the center, adding significant value to the asset and improving the quality of the tenancy during our hold period.”

Ridglea Village is located at 6040 – 6100 Camp Bowie Boulevard in Fort Worth. The 3.32-acre center is 74% occupied with a diverse and internet resistant mix of destination tenants including Campisi’s, La Madeline, R Taco, European Skincare & Med Spa, Haltom’s Jewelers and more.

Dallas-based Velocis has been active in real estate since 2010, purchasing 31 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, 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. Partners in Fund II are 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. 

Velocis Sells Class A Office Portfolio in Northern Virginia

STERLING, Virginia (November 11, 2019)– Velocis, a private equity real estate manager, has sold Loudoun Gateway I & II, a two-building, 179,864-square-foot Class A office portfolio in Sterling, Virginia.

Velocis purchased the buildings in 2015, recognizing the potential to be had in the recovering Northern Virginia market. Today, the property is 100% leased to three tenants, including a mission-critical facility for CACI International, a top government defense contractor. In total, CACI leases 160,209 square feet of the portfolio and has recently extended and expanded its lease.

“Loudoun I & II are well positioned to take advantage of the enormous momentum in Northern Virginia’s office market, which is being driven by defense contracting, tech and cyber security.” said Mike Lewis, partner, Velocis. “The success of this property is the result of extensive negotiations to accommodate and grow our anchor tenant  that resulted in selling the portfolio fully stabilized to an investor with a long term hold strategy.”

Loudoun Gateway I & II was developed in 2000 and is located at 45195 and 45200 Business Court in Sterling, Virginia.

Dallas-based Velocis has been active in real estate since 2010, purchasing 31 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, 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. Partners in Fund II are 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. 

Kierland One Changes Hands

Scottsdale office building sells to Dallas-based Velocis

Phoenix – October 28, 2019 Kierland One, a 175,441-square-foot Class A office building in Scottsdale, Arizona has a new owner.  Dallas-based Velocis purchased the building from Hines and joint venture equity partner PCCP, LLC (PCCP).

Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller in the transaction.

The four-story Kierland One is 90 percent leased and features institutional-quality construction and finishes, including a remodeled two-story lobby, new tenant improvements and high-end spec suites. It has a generous parking ratio of 4.3 spaces per 1,000 RSF. The property includes the global headquarters of a publicly traded engineering and manufacturing company, as well as several other notable financial services, technology, hospitality and residential related companies.

“The quality of the asset and tenancy, as well as the walkable amenities in the Scottsdale Airpark submarket make Kierland One an attractive asset for our investment strategy,” said Jim Yoder, partner, Velocis. “Phoenix continues to be one of the strongest job creation markets in the country, and we are pleased to expand our presence in the market. We look forward to building on the great work that Hines and PCCP accomplished at Kierland One by putting our own Velocis stamp on the property.”

The property offers tremendous Scottsdale Road frontage and is surrounded by numerous first-class amenities, including the high-end shopping and restaurants at Kierland Commons and Scottsdale Quarter and The Promenade among others; the Fairmont Scottsdale Princess Resort, The Westin Kierland Resort & Spa, and the JW Marriot Desert Ridge; as well as countless golf courses.

“Kierland One presented an incredible opportunity for Velocis to continue its investment into the Phoenix market with the acquisition of a high-quality, well-located office asset, offering unmatched access to Scottsdale’s high-end retail, restaurant and hotel amenities, and a diverse and well-educated labor pool,” said CBRE’s Gabel. “We’re happy to have achieved exceptional outcomes for both Hines/PCCP and Velocis — all long-term valued clients of ours.”

Kierland One is located in the Scottsdale Airpark submarket, the second-largest employment hub in metro Phoenix, where there are an estimated 12,000 businesses and more than 145,000 employees. The property’s strategic location provides direct access to the Loop 101 freeway, allowing for access to the large and diverse labor markets of Scottsdale, Phoenix, Tempe, Chandler and Mesa. 

The Scottsdale Airpark submarket consistently outperforms the overall Phoenix market in average rental rate and absorption of office space. At the end of the third quarter of 2019, the submarket’s office vacancy rate dipped to 11.49 percent, falling below the overall Phoenix market vacancy rate of 14.39 percent, according to CBRE Research.

CBRE’s Luke Walker, Brad Anderson and Mike Strittmatter will continue to lease the property under new ownership. Hines will continue to serve as the property manager.

Kierland One is Velocis’ third investment in the Phoenix market in recent years. In 2016, Velocis purchased Park One, a three-building complex in the prestigious Camelback Corridor. In addition, Velocis owned Camelback Square, a three-story Class A office building in the heart of Old Town Scottsdale from 2015 to 2019.

Dallas-based Velocis has been active in real estate since 2010, purchasing 31 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, 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. Partners in Fund II are 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 CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.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 Sells 77 Sugar Creek in Sugar Land, Texas

SUGAR LAND, Texas (July 17, 2019)– Velocis, a private equity real estate manager, has sold 77 Sugar Creek, a 143,410-square-foot Class A office building, to NorthStar Commercial Partners for an undisclosed price.

Located in Sugar Land, one, of Houston’s most sought-after suburbs, Velocis purchased the building in 2017, recognizing the future demands for quality office space in the submarket. Following a strategic repositioning, which included adding an additional 20 percent of occupancy from new tenants, Velocis sold the property in June at a 94 percent occupancy.

“77 Sugar Creek is a perfect example of the Velocis strategy,” said Velocis partner and co-founder Mike Lewis. “We identify assets in our high growth target markets that have dislocation relative to its peers in the submarket. The property had good bones but needed active management to reposition the asset, increase the NOI and then harvest the value. After implementing our repositioning initiatives, we were able to lease up the vacancy way ahead of schedule at rental rates as much as 30 percent above our underwriting achieving our upside underwriting.”

Over the 21-month hold, Velocis transformed the building, rebranding the property from Two Sugar Creek to 77 Sugar Creek. Velocis also upgraded common areas, restrooms and corridors, renovated the lobby and common areas and hired Stream Realty partners to lease and manage the property with an aggressive marketing campaign to reintroduce the much improved and repositioned asset to the market.

Dallas-based Velocis has been active in real estate since 2010, purchasing 30 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, 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. Partners in Fund II are 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.

Velocis Purchases Sugarloaf Corporate Center

Three-building office property is Velocis’ fourth buy in the Atlanta market

DULUTH, Ga. – (June 20, 2019) – Velocis, a private equity real estate investment management firm, has purchased Sugarloaf Corporate Center, a three-building, class A master-planned office
park centrally located in the rapidly urbanizing Sugarloaf micro market, northeast of Atlanta.

“Sugarloaf Corporate Center features a well-diversified roll schedule and captive tenancy that offers strong and secure cash-flow at an 8.75 percent going-in cap rate,” said Jim Yoder, partner, Velocis. “This property is a best-in-class office asset located in a submarket that has some of the best demographics and access in metro Atlanta.”

Sugarloaf Corporate Center sits on a 20-acre site within a 62-acre office park and mixed-use development in the heart of Atlanta’s Gwinnett County. Built between 1998 and 2001 and totaling 256,180 square feet, the property is 98 percent leased to 30 high-quality tenants.

In line with Velocis’ value-add investment approach, the fund manager will implement key property upgrades on top of extensive improvements made by the former owner. Enhancements will include an improved outdoor amenity area, including Wi-Fi and music offerings, the addition of on-site food service, cosmetic upgrades to restrooms, a new roof for one of the buildings and other back-of-house improvements.

Sugarloaf Corporate Center is Velocis’ fourth asset in the Atlanta market. The fund manager also owns Parkway at Avalon, a two-building office complex in Alpharetta. Velocis’ previous Atlanta investments include 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.

Velocis has been active in real estate investment since 2010, purchasing 30 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia 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. Partners in Fund II are 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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Velocis Sells Camelback Square in Scottsdale

SCOTTSDALE, Ariz. – (April 2, 2019) – Velocis, a private equity real estate fund manager, has sold Camelback Square, a three-story Class A office building in the heart of Old Town Scottsdale, Arizona, to City Office REIT, Inc.

Velocis purchased the building in 2015 as its first acquisition in Velocis Fund II, recognizing the popular Scottsdale submarket’s live-work-play environment as an indicator of its potential to deliver rising rents and values.

Since then, Velocis has completed a total repositioning of the building, including adding a new tenant lounge, upgrades to corridors, elevator lobby refresh, new roof, restroom improvements, and a new conference centre, to name a few.

“We recognized the potential in the Scottsdale market from the beginning,” said Jim Yoder, partner, Velocis. “Aside from the appeal of the location in Old Town Scottsdale, our aggressive repositioning plan re-energized the property itself and made it even more attractive in an already stable submarket.”

The 175,268-square-foot Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Goldwater Roads. It is currently 84 percent leased to tenants including Digital Airstrike, Zocdoc, Regus, and Echo, among others.

Camelback Square is not Velocis’ only investment in the Phoenix market. The fund manager also purchased Park One, a three-building complex in the prestigious Camelback Corridor, in 2016.

Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller in the transaction.

“Camelback Square presented a rare opportunity to acquire an institutionally maintained property superbly located in the heart of one of the most desired urbanized live-work-play environments of its type in the Southwest U.S.,” said CBRE’s Gabel.

Velocis has been active in real estate investment since 2010, purchasing 29 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia 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. Partners in Fund II are 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.