Velocis Sells Royal Centre One in Atlanta SubmarketOctober 2, 2018
ATLANTA – (Oct. 2, 2018) – Velocis, a private equity real estate manager, has sold Royal Centre One, a 152,935-square-foot Class A office complex in the Atlanta suburb of Alpharetta, Ga. The Simpson Organization purchased the property for an undisclosed price.
“When we purchased Royal Centre One, we saw an opportunity to invest in a property with not only a premier address, but also unique characteristics,” said Jim Yoder, partner, Velocis. “As with all of our investments, our goal was to identify and unlock value in the property. Our understanding of the local market, along with some patience and restraint, played a major role in our ability to increase occupancy and raise rental rates with minimal investment, and ultimately, dispose of the asset at the optimal time.”
Velocis purchased the property, which is located at in the heart of the Royal 400 master-planned office park, in 2013 and has since raised occupancy from 53 percent to just under 80 percent. The buildings are situated over 12 acres along the GA 400 corridor. The asset offers tenants easy access to amenities including North Point Mall and the Avalon mixed-use development. Samir Idris, David Meline, Andy Johns, Stewart Calhoun and Casey Masters of Cushman and Wakefield represented the owner.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 28 assets located in markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia, North Carolina, and the Washington, D.C. corridor. 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, David Seifert, Paul Smith and Jim Yoder.
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.