Velocis Forms Partnership With Moors & Associates Through the Acquisition of Two Office Buildings
- Oct 21, 2013
A new partnership has formed between Bethesda, MD-based Moore & Associates and Dallas-based Velocis Fund. The latter partner acquired the majority interest in two Class A office buildings. The first, Arboretum Atrium, is located at 9737 Great Hills Trails and the second being Las Cimas I at 804 Las Cimas Blvd. The two properties total 170,000 square feet.
Moore & Associates, the partner in the original investment who acquired both assets in 2004, will keep its minority ownership as well as continue to manage and lease the properties. Alfa Insurance Company, the other initial partner, sold its interest to Velocis who became the majority owner.
“These two assets are strategically located in prime demographic areas of Austin’s northwest and southwest subdivisions. Not only is Austin one of the most desired live-work-and-play cities, but the supply-constrained market makes this a perfect demand driven purchase,” says Mike Lewis, a Velocis principal and co-founder. “We have an ideal partner in Moore & Associates, who shares our in-fill location strategy and is a best in class management team.”
Arboretum Atrium encompasses 91,083 square feet of Class A office space and is recently renovated. It has a three-story atrium with skylights, indoor fountains and greenscapes. The fully-leased property in Northwest Austin is conveniently located near restaurants, shops, hotels and other area attractions, and it is just one block from Highway 183, MoPac and Loop 360.
Las Cimas I offers 82,787 square feet of office space and was built in 2000. The contemporary limestone façade is complemented by mature trees, views of downtown, and other on-site amenities. It is located in Southwest Austin, at the corner of Bee Caves and Loop 360.
Aside from the two office buildings, the Fund’s Austin portfolio includes a medical office building and the retail centers Woods Shopping Center and Springdale Shopping Center. With these purchases the asset value under management of the Fund reaches $264 million in Texas and Colorado.