Velocis Sells Camelback Square in ScottsdaleApril 2, 2019
SCOTTSDALE, Ariz. – (April 2, 2019) – Velocis, a private equity real estate fund manager, has sold Camelback Square, a three-story Class A office building in the heart of Old Town Scottsdale, Arizona, to City Office REIT, Inc.
Velocis purchased the building in 2015 as its first acquisition in Velocis Fund II, recognizing the popular Scottsdale submarket’s live-work-play environment as an indicator of its potential to deliver rising rents and values.
Since then, Velocis has completed a total repositioning of the building, including adding a new tenant lounge, upgrades to corridors, elevator lobby refresh, new roof, restroom improvements, and a new conference centre, to name a few.
“We recognized the potential in the Scottsdale market from the beginning,” said Jim Yoder, partner, Velocis. “Aside from the appeal of the location in Old Town Scottsdale, our aggressive repositioning plan re-energized the property itself and made it even more attractive in an already stable submarket.”
The 175,268-square-foot Camelback Square is located at 6991 E. Camelback Rd., at the southwest corner of Camelback and Goldwater Roads. It is currently 84 percent leased to tenants including Digital Airstrike, Zocdoc, Regus, and Echo, among others.
Camelback Square is not Velocis’ only investment in the Phoenix market. The fund manager also purchased Park One, a three-building complex in the prestigious Camelback Corridor, in 2016.
Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller in the transaction.
“Camelback Square presented a rare opportunity to acquire an institutionally maintained property superbly located in the heart of one of the most desired urbanized live-work-play environments of its type in the Southwest U.S.,” said CBRE’s Gabel.
Velocis has been active in real estate investment since 2010, purchasing 29 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.
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.