AUSTIN—Dallas-based Velocis has sold two class A Austin office buildings to Wedge Group, a Houston-based private equity firm.
Totaling more than 170,000 square feet in prime Austin submarkets, the assets, Arboretum Atrium and Las Cimas I, were purchased by Velocis in 2013 from Moore&Associates, an investor, owner and operator of commercial office properties, who retained an ownership position and managed and leased the properties as Velocis' partner.
"We were able to secure the assets two years ago despite what was, and continues to be, a very competitive Austin office market,” Mike Lewis, Velocis principal, told GlobeSt.com. “We identified opportunities to unlock value in both assets and by executing our strategy, we achieved our goals for our investors in advance of our original forecasted timeline."
Arboretum Atrium is a 91,083-square-foot office building with a three-story atrium. It is located in the heart of the Arboretum area in Northwest Austin and one of the largest office markets in Austin. The asset is currently 100 percent leased.
Las Cimas I is an 82,787-square-foot, three-story office building located in the center of the four-building Las Cimas office park located at the corner of Bee Caves Road and Capital of Texas Highway in Austin's Southwest submarket. Built in 1999, the contemporary limestone building is in a park-like setting with mature trees, downtown Austin views, on-site amenities and proximity to the Village of West Lake shopping center. The asset is currently 100 percent leased, over 90 percent of which is occupied by a single large tenant.
Hale Umstattd and Leah Gallagher of Transwestern represented the seller in the transaction.
In the Austin market, Velocis' portfolio also includes West Woods Shopping Center, an 189,340-square-foot shopping center in West Lake Hills.
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