DALLAS–The co-founder and principal of the Velocis Fund I, Steve Lipscomb, has announced the formation of LRIC Properties, which will focus on the development of retail and shopping center properties throughout Texas.
“Close to half a million people moved to Texas just last year and more will continue to relocate over the course of the next five years,” Lipscomb told GlobeSt.com. “Despite this population growth, there has been relatively little new retail development. LRIC is uniquely positioned to meet that pent-up demand and will leverage years of industry knowledge and relationships to develop new retail in areas with strong residential and job growth.”
Lipscomb will serve as founder and principal of the new company and will be joined by executive vice president Brad Kempson, who will be responsible for deal sourcing, site selection, anchor leasing, as well as land and pad sales.
With Velocis Fund I, a Dallas-based private equity real estate investment fund, Lipscomb was involved in the acquisition, financing and asset management of 15 properties that totaled more than $300 million in assets under management.
From 2001 to 2009 he was the national director of Archon Retail, a Goldman Sachs company, where he was responsible for the company's acquisition, development, leasing, asset management and underwriting of retail properties. Under his direction, Archon Retail grew to include five regional offices across the U.S. and a team of over 20 real estate professionals.
Prior to joining LRIC, Kempson was vice president and national director of retail leasing for Archon Retail for 11 years. Over the course of his more than 28 years of retail experience, Kempson also served with Cousins Properties and Weitzman/Cenco.
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