Velocis, a private equity real estate manager, 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.
This 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.
“The office market fundamentals and the strong job growth that the Camelback Corridor offers makes Park One an ideal fit for our acquisition strategy,” said Jim Yoder, principal, Velocis. “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 is 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.
The seller, a joint venture between California-based McCarthy Cook & Co. and New York-based Morgan Stanley Real Estate, was represented by a team of brokers including Barry Gabel, Chris Marchildon, and Kevin Shannon. 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.
Dallas-based 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. Principals in Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.
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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. 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.