Velocis Purchases Class A Office Building in Northern VirginiaFebruary 23, 2017
FALLS CHURCH, Va. – (Feb. 23, 2017) – Velocis, a private equity real estate manager, in partnership with Moore & Associates, a Bethesda, Md. based local sponsor, today announced the purchase of 3120 Fairview Park, a Class-A, 190,110-square-foot office building located in Fairview Park, Metro DC’s only “inside-the-Beltway” corporate office park.
Located at the intersection of I-495 and RT-50, 3120 Fairview Park is adjacent to the 395-room Marriott Hotel, two miles from the amenity-rich, mixed-use Mosiac District, and near the Defense Health Agency and Inova Center for Personalized Health.
“3120 Fairview Park is a true best-in-class asset that is a perfect fit for our acquisition strategy in terms of market timing, building quality and opportunity to unlock hidden value,” said Paul Smith, principal, Velocis. “Working with our local partner Moore & Associates, Velocis has been exploring Northern Virginia for the right value-add opportunity for our third purchase in the market, and we are pleased to have found it in 3120 Fairview Park.”
Situated within a park-like environment, the property features 2.5 miles of trails, three lakes and water features, along with other amenities like a spa-quality fitness center, full-service café and high-end tenant finishes. The LEED certified property also features state-of-the-art building systems and free parking at an above average ratio. The property is 87 percent leased.
Velocis plans to make key building improvements, including adding a tenant-only “Millennial Playground” featuring indoor and outdoor communal areas with seating, games, technology, and opportunities for relaxing. Other property upgrades include improved entryways and a VIP Uber service.
The seller, COPT Fairview LLC, was represented by JLL’s Bill Prutting. The property will be managed and leased by Moore & Associates.
This is Velocis’ third acquisition in Northern Virginia. In 2015, the Fund purchased two assets in the market: Loudon Gateway II and III, two Class-A suburban office buildings in Sterling, Va.’s Loudoun Gateway Business Park, and Shirlington Tower, a Class-A office building in Arlington, Va.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 22 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 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.
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.