Magnolia Medical Tower Under New OwnershipOctober 11, 2016
Velocis, a Dallas-based private equity real estate manager, completed its sale of the Magnolia Medical Tower at 1307 8th Ave. in Fort Worth to Ridgeline Magnolia.
Velocis acquired the 88,804-square-foot, sic-story medical office building in 2012. Since the purchase, Velocis has invested $1.5 million into the property, modernizing the building’s elevators, upgrading the common areas and lobbies, and improving energy performance through lighting and mechanical upgrades.
Built in 1985, the complex is located adjacent to Baylor All Saints Medical Center in the West Southwest Fort submarket. At the time of sale, Banks Newton, Jason Manske and Nat Klein of the Lincoln Harris Commercial Services Group were leasing out the remaining vacancies in the building.
CBRE’s Lee Asher and Chris Bodnar of the U.S. capital markets group partnered with Austin Barrett to negotiate the transaction on behalf of Velocis.
For additional information regarding this transaction, please refer to CoStar COMP #3726090.