Velocis Purchases Class A Office Complex in Atlanta’s North Fulton SubmarketNovember 30, 2017
ALPHARETTA, Ga. – (Nov. 30, 2017) – Velocis, a private equity real estate manager, has acquired Parkway 400, a two-building, 194,664-square-foot Class A office complex located at 11720 and 11800 Amber Park Drive in Alpharetta, Ga. Built in 2000 and 2001, the property is located in North Fulton County, one of Georgia’s strongest economic and demographic areas.
“The asset’s accessibility and proximity to amenities, while offering competitive rates, give Parkway 400 the opportunity to fill a unique niche in the market,” said Jim Yoder, Velocis principal. “Due to the success we’ve enjoyed at Royal Centre One, our other property in the market, we felt very comfortable making another investment in the North Fulton submarket. While close in proximity, Parkway 400 and Royal Centre One offer tenants two distinct environments.”
To unlock value, Velocis plans to improve the building by renovating building systems and common areas. Additional plans include implementing a fully capitalized leasing program to enhance the asset’s marketability.
As one of the highest-quality assets in the area, Parkway 400 consists a two-story and a six-story office building, both with surface parking ratios of 4.1/1000. The property is 78.5 percent leased and is located in close proximity to amenities, including Avalon, one of metro Atlanta’s preeminent mixed-use developments.
Parkway 400 marks Velocis’ second acquisition in the North Fulton submarket. In 2013, Velocis Fund I purchased Royal Centre One, a 152,935-square-foot office building, also in Alpharetta.
Velocis has selected Colliers International to provide property management and leasing services at Parkway 400.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 26 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.
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.