Velocis Sells Fort Worth Medical Office BuildingOctober 11, 2016
Fort Worth (Aug. 17, 2015) – Velocis, a private equity real estate manager, has sold Magnolia Medical Tower, an 89,991-square-foot medical office building located in the heart of the Fort Worth Medical District. Ridgeline Magnolia MOB, LP purchased the property for an undisclosed price.
“When we purchased this property, Velocis recognized that it was in need of substantial capital improvements and professional management,” said Jim Yoder, Velocis Principal. “The significant upgrades we implemented took the building from Class C- to B+ and helped increase the leasing velocity at the property.”
Velocis purchased the property in 2012, and invested $1.5 million in property renovations, with substantial upgrades made to all six floors of the building and the parking garage. Renovations included modernizing the building’s elevators and upgrading common areas, applying new corridor finishes, upgraded lobby areas and reconstructing restrooms, as well as signage, mechanical and lighting updates to improve energy performance.
Built in 1985, Magnolia Medical Tower is adjacent to Baylor All Saints Medical Center, offering easy access to Cook Children’s Medical Center, Texas Health Harris Methodist Hospital Fort Worth and Plaza Medical Center of Fort Worth, as well as medical offices in the surrounding downtown medical district.
CBRE’s Lee Asher and Chris Bodnar of the U.S. Healthcare Capital Markets Group partnered with Austin Barrett in the Dallas/Fort Worth market to broker the sale on behalf of Velocis.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 21 assets located in major 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, David Seifert and Paul Smith.
Velocis consists of two entities: Velocis Fund, LP 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 http://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.