Velocis Purchases Shirlington TowerNovember 30, 2015
Washington, D.C. (Nov. 30, 2015) – Velocis, a private equity real estate manager, in partnership with Moore & Associates, a Bethesda, MD based local sponsor, today announced the purchase of Shirlington Tower, a Class-A, 233,446-square-foot office building in Arlington, Va. The office building is located just one exit from the Pentagon and is adjacent to Interstate 395 as well as the amenity-rich Village at Shirlington shopping center.
This is the Fund’s second acquisition in Northern Virginia this year. In August, the Fund purchased Loudon Gateway II and III, two Class-A suburban office buildings located in the upscale Washington, D.C. suburb of Sterling, Va., in Loudoun Gateway Business Park.
“At just 48 percent leased, Shirlington Tower offers Velocis the opportunity to acquire a Class-A, well-located asset in the recovering Northern Virginia market at a significant discount to replacement cost,” said Mike Lewis, Velocis principal. “This is a true value-add opportunity which is exactly in line with our asset acquisition strategy to identify and purchase properties that offer opportunity to unlock hidden value. Having a local, joint venture partner in Moore & Associates with whom we have had prior experience further reinforces our confidence in the overall business plan.”
In addition to the LEED Gold office building, the property includes an attached six-story, 827-space parking garage which provides tenants with an above average parking ratio. On-site amenities include a fitness club, restaurant and salon. In addition to these amenities, Shirlington Tower is at the gateway to The Village at Shirlington, an outdoor mall featuring shopping and dining options and a spa, cinema, hotel and Metro bus station all within walking distance.
The Seller was represented by the Washington, DC office of Eastdil Secured. The property will be managed and leased by Moore & Associates.
Dallas-based Velocis, has been active in real estate investment since 2011, purchasing 18 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. Joining Mike Lewis as principals in Fund II are Fred Hamm, Paul Smith, Jim Yoder and David Seifert.
Moore & Associates is an owner/operator based in Bethesda, MD, with a track record spanning over 35 years. Moore manages over 1.5 million square feet of commercial real estate in both Washington, DC and Austin, TX valued in excess of $325M. The Moore executive team personally invest in every deal to maintain complete alignment of interest with outside capital partners.
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 https://www.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.
Past performance does not predict future results. This article does not constitute an offer to sell, or a solicitation of any offer to buy any securities of the Fund, nor is it intended to be a description of all material factors an investor should consider before investing in the Fund. Prior to making an investment decision, prospective investors should carefully review the offering documents of the Fund for a description of material factors to consider, including risk factors and investor suitability requirements.