Tower Goes From Underperforming to Upgraded

Magnolia Medical Tower received substantial upgrades to all floors and the parking garage.

DALLAS—Built in 1985, Magnolia Medical Tower is adjacent to Baylor All Saints Medical Center. This location offers access to Cook Children’s Medical Center, Texas Health Harris Methodist Hospital Fort Worth and Plaza Medical Center of Fort Worth, as well as medical offices in the surrounding downtown medical district.

Velocis, a private equity real estate manager, purchased the property in 2012, and invested $1.5 million in property renovations, with substantial upgrades made to all six floors of the building and the parking garage. Renovations included modernizing the building’s elevators and upgrading common areas, applying new corridor finishes, upgraded lobby areas and reconstructing restrooms, as well as signage, mechanical and lighting updates to improve energy performance.

“Velocis recognized that it was in need of substantial capital improvements and professional management,” said Jim Yoder, Velocis principal. “The significant upgrades we implemented took the building from class-C-minus to B-plus and helped increase the leasing velocity at the property.”