Velocis Sells Two-Bldg. Office Complex in Houston’s Hedwig VillageJune 1, 2018
189,000-SF Echo Lane Trades at Nearly 100% Occupied
Velocis, a private equity real estate manager out of Dallas, has sold the Echo Lane office complex in Houston’s Hedwig Village to 800 Builders. Terms of the deal were not disclosed.
Velocis paid $30 million back in 2012 to acquire the 189,162-square-foot, two-building complex at 950 and 952 Echo Lane. In the five years since acquiring the property, Velocis was able to raise occupancy from 83 percent to 97 percent and increased rental rates with “minimal investment,” Mike Lewis, a partner with Velocis, said in a company release.
The two properties were constructed between 1982 and 1984 on 3.8 acres. Current tenants at Echo Lane include Regus, Sidewinder Drilling and Stonegate Production, among others, according to CoStar information.
Kevin McConn, Rick Goings and Rudy Hubbard of JLL represented the seller, while the buyer had in-house representation.
Please see CoStar COMP #4277965 for more information on this transaction.