Velocis Executes 306,142 Square Feet in Transactions in December 2013
Real estate investment fund purchases two buildings, sells an asset and secures a large lease
DALLAS--(BUSINESS WIRE)--Velocis, a private equity real estate fund, and its investors, completed more than 300,000 square feet in transactions in December 2013, further highlighting the Fund’s ability to strategically deploy capital and deliver high returns for investors. Currently, Velocis has approximately $280 million in total assets under management.
“Velocis’ recent asset purchases show our ability to secure assets that directly align with our investment strategy. The sale of our first acquisition, The Jefferson, underscores our ability to achieve our targeted returns”
“Velocis’ recent asset purchases show our ability to secure assets that directly align with our investment strategy. The sale of our first acquisition, The Jefferson, underscores our ability to achieve our targeted returns,” said Fred Hamm, Velocis Principal and co-founder. “We are proud of the successes we have achieved and are looking forward to continuing our effective deployment of capital in the markets Velocis has targeted.”
The Fund purchased a medical office building in West Palm Beach, Florida and a traditional office building in Alpharetta, Georgia, a northern suburb of Atlanta. Additionally, the Fund sold its first acquisition, The Jefferson, a medical office building in Austin, TX; and secured a large lease in its premier office asset and corporate headquarters, 3131 McKinney in Dallas.
Velocis purchased West Palm Medical, a 43,797-square-foot medical office building located directly across the street from West Palm Hospital in West Palm Beach, Fla. Built in 1987 and formerly known as Columbia Medical Plaza, West Palm Medical recently underwent capital improvements, including a complete makeover of the common areas. The building is currently 84% percent leased. Velocis plans to continue to lease up the project to health care providers in this expanding medical market.
Royal Center I is 152,057 square feet of Class A office space, located in the heart of the Royal 400 master-planned office park. Situated on over 12 acres along GA 400 corridor in the Atlanta suburb of Alpharetta, the asset offers tenants easy access to amenities including North Point Mall and the new Avalon mixed-use development currently under construction, just miles down the road.
Additionally, the Fund sold The Jefferson Building, a 97,552-square-foot medical office building located in Austin, Texas to Healthcare Realty, a real estate investment trust. This asset sale exceeded Velocis’ expectations, providing Velocis Fund investors with approximately a 30 percent IRR and 2X equity multiple, net of all fees and expenses. The Fund owned The Jefferson for two years and nine months.
Wick Phillips, a Dallas-based law firm, has signed a 12,736-square-foot lease at 3131 McKinney, the Fund’s 13-story, Class A office building, increasing building occupancy to 94.5 percent.
Velocis owns nine assets in Texas, one in Denver, Colorado, one in Atlanta, Georgia and one in West Palm Beach, Florida. The portfolio includes two office buildings in Houston; two shopping centers and two office buildings in Austin; a medical office building and shopping center in Fort Worth; an office building in Denver, Dallas and Atlanta; and a medical office building in West Palm Beach.
Launched in 2010, Velocis Fund, LP is led by co-founders and principals Fred Hamm, Mike Lewis, Steve Lipscomb and Jim Yoder. In addition to its core-plus fund, Velocis Advisors, LLC offers advisory services to better serve both investors and real estate clients.
About Velocis, LLC
Velocis consists of two entities: Velocis Fund, LP and Velocis Advisors, LLC. Velocis Fund, LP is a private equity real estate fund, active in the acquisition, operation/management, and disposition of commercial real estate in the United States. Additionally, Velocis Advisors, LLC provides asset management and advisory services to both investors and real estate clients. Additional information about Velocis can be found at http://velocis.com/.