Velocis has sold three suburban office properties to an unnamed buyer. The properties were Kierland One in Phoenix, Arizona, Parkway at Avalon in Alpharetta, Georgia, and 3120 Fairview Park in Falls Church, Virginia. No financial terms were disclosed.
DALLAS – (Oct. 18, 2021) – Velocis, a private equity real estate manager, has sold three assets in a portfolio sale to an institutional buyer, including Kierland One in Phoenix, Arizona, Parkway at Avalon in Alpharetta, Georgia, and 3120 Fairview Park in Falls Church, Virginia.
Through prioritizing investments in the Sunbelt markets, Velocis strategically acquired Kierland One, Parkway at Avalon and 3120 Fairview Park for their prominence in both quality and location. Velocis repositioned each Class A asset and executed successfully on its leasing strategy prior to selling.
“By initiating several strategic renovations and marketing campaigns for each property, we were able to unlock value for our investors,” said Jim Yoder, Co-Founder and Partner at Velocis. “These value additions, alongside our long-standing industry relationships, provided the perfect opportunity for all three assets from different markets to be sold together.”
Kierland One is a four-story 175,577-square-foot Class A office building situated on 11 acres of land in Phoenix directly off Scottsdale Road. This asset was acquired by Velocis in 2019 and is anchored by the Carlisle Companies corporate headquarters.
Parkway at Avalon is a 194,644-square-foot two-building office property located in the thriving Atlanta suburb, Alpharetta, and directly across from Avalon, one of the top mixed-use developments in the South. Velocis purchased Parkway at Avalon in 2017 from a special servicer, LNR, through an online auction platform and significantly repositioned the asset through a lobby renovation and amenity upgrades.
3120 Fairview Park is a 195,260 square foot office building located in Fairview Park, one of Northern Virginia’s premier suburban office parks. Velocis purchased this asset in 2016 alongside long-time partner Moore & Associates. Moore & Associates leased and managed the property, and they played an instrumental role in repositioning the asset.
Velocis was represented by Kevin McConn from JLL Capital Markets who brought the buyer and Velocis together in an off-market transaction with discussions beginning prior to the COVID-19 Pandemic.
“We have been in discussion with the buyer for just under two years. Through patience and persistence, we were able to successfully execute on a portfolio sale by delivering meaningful capital back to our investors,” said Mike Lewis, Co-Founder and Partner at Velocis.
Dallas-based Velocis has been active in real estate since 2010, purchasing 35 assets located in Sunbelt markets within Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee, 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. Velocis partners include 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 Sunbelt. Additional information about Velocis can be found at velocis.com.