Velocis Purchases Class A Office Building in Top Houston SubmarketOctober 19, 2017
SUGAR LAND, Texas – (Oct. 19, 2017) – Velocis, a private equity real estate manager, has acquired Two Sugar Creek, a Class A, 143,410-square-foot office building located in Sugar Land, Texas, one of Houston’s most sought-after suburbs.
“Sugar Land is consistently the top Houston office submarket in terms of occupancy rate. The current stability is appealing to us, as are the long-term growth projections for the submarket,” said Mike Lewis, Velocis principal. “Combined with the location, the quality of the design and the opportunity to add immediate value make Two Sugar Creek a perfect fit for Velocis’ investment strategy.”
At 84.7 percent leased, Velocis plans to take advantage of the Two Sugar Creek’s rare existing vacancy by adding value through strategic leasing efforts. Other value-add plans include key building improvements, like upgrades to common areas and vacant tenant suites.
Velocis has partnered with Stream Realty Partners to provide leasing and management services for Two Sugar Creek.
Built in 1999, the six-story property features high-quality design, flexible and efficient rectangular floor plates, high-end finishes, on-site conferencing facilities, a grab and go deli, and structured parking.
Located one block from Dairy Ashford Road, and less than a mile from the intersection of Interstate 69 and U.S. 90, Two Sugar Creek’s location provides tenants and visitors convenient access to several of Houston’s other primary transportation arteries, including Beltway 8, Westpark Tollway and Grand Parkway, as well as Sugar Land’s residential communities.
HFF represented the seller in the transaction. Craig McKenna, vice president, and Mat Volz, senior associate, with Stream will oversee leasing and Debrah Martin with Stream will oversee property management services for the building.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 25 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 Stream Realty Partners
Stream is a commercial real estate firm with locations across the country. The company’s full-service offerings cover the broad spectrum of leasing, management, development, construction, health care and investment sales services across the commercial and multifamily industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Visit www.streamrealty.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.