Velocis Purchases Sugarloaf Corporate Center
June 20, 2019Three-building office property is Velocis’ fourth buy in the Atlanta market
DULUTH, Ga. – (June 20, 2019) – Velocis, a private equity real estate investment management firm, has purchased Sugarloaf Corporate Center, a three-building, class A master-planned office
park centrally located in the rapidly urbanizing Sugarloaf micro market, northeast of Atlanta.
“Sugarloaf Corporate Center features a well-diversified roll schedule and captive tenancy that offers strong and secure cash-flow at an 8.75 percent going-in cap rate,” said Jim Yoder, partner, Velocis. “This property is a best-in-class office asset located in a submarket that has some of the best demographics and access in metro Atlanta.”
Sugarloaf Corporate Center sits on a 20-acre site within a 62-acre office park and mixed-use development in the heart of Atlanta’s Gwinnett County. Built between 1998 and 2001 and totaling 256,180 square feet, the property is 98 percent leased to 30 high-quality tenants.
In line with Velocis’ value-add investment approach, the fund manager will implement key property upgrades on top of extensive improvements made by the former owner. Enhancements will include an improved outdoor amenity area, including Wi-Fi and music offerings, the addition of on-site food service, cosmetic upgrades to restrooms, a new roof for one of the buildings and other back-of-house improvements.
Sugarloaf Corporate Center is Velocis’ fourth asset in the Atlanta market. The fund manager also owns Parkway at Avalon, a two-building office complex in Alpharetta. Velocis’ previous Atlanta investments include Royal Centre One, an office building in the heart of Alpharetta’s Royal 400 Office Park and 1600 Parkwood, an office building in the Cumberland/Galleria submarket.
Velocis has been active in real estate investment since 2010, purchasing 30 assets located in major markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia and the Washington, D.C. Metro Area. Velocis is led by a team of five seasoned partners who are directly responsible for the acquisition, asset management and disposition of assets. Partners in Fund II are Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.
About Velocis
Velocis is a private equity real estate investment firm active in the acquisition, operation/management and disposition of commercial real estate in the United States. 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.
