Velocis Sells Austin’s West Woods Shopping CenterFebruary 1, 2016
AUSTIN, Texas – (Feb. 1, 2016) – Velocis, a private equity real estate manager, has sold West Woods Shopping Center. The 189,340-square-foot center in West Lake Hills, a highly desirable Austin sub-market, was sold to Global Retail Investors, LLC, an affiliate of First Washington Realty, Inc., for an undisclosed price.
“Velocis was able to acquire this ideally-located asset through a long-term relationship with the seller,” said Jim Yoder, Velocis principal. “Over the course of our ownership, we unlocked its value by investing in property improvements and through strategic leasing and management efforts. As a result, we were able to substantially exceed our goals for the investment.”
Velocis purchased the retail asset in 2012 and invested in signage upgrades, landscaping and parking lot improvements. The property is one of Austin’s best known and iconic retail properties, located at the prominent intersection of Bee Caves Road and Walsh Tarlton Lane. The retail site’s coveted location offers a stable customer base in the heart of two upscale Austin neighborhoods, West Lake Hills and Rollingwood. Anchored by Stein Mart, Michaels, Petco and CVS, West Woods also includes a variety of local and national shops and restaurants. The property is 98 percent leased.
HFF’s Jim Batjer and Barry Brown brokered the sale on behalf of Velocis. Lincoln Property Company provided property management services, and Bryan Dabbs of BKD Realty handled leasing for West Woods.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 20 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 Jim Yoder as principals are Fred Hamm, Mike Lewis, Paul Smith and David Seifert.
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.