Velocis Buys Two Austin Shopping Centers in $60M Deal
- Nov 16, 2012
Dallas-based Velocis, a commercial real estate investment fund, recently purchased two Austin shopping centers totaling over 350,000 square feet of retail space. With the acquisition of West Woods Shopping Center and Springdale Shopping Center, Velocis now has circa $160 million of assets under management.
The investor paid a total of $60 million for the two retail properties, which are considered to be strong assets in its portfolio and representative of their strategy to build a portfolio of properties in high-demand markets, said Steve Lipscomb, a Velocis principal and co-founder.
West Woods Shopping Center is located in the heart of two upscale neighborhoods, serving residents living in West Lake Hills and Rollingwood. The 189,340-square-foot center is over 97 percent leased with an impressive list of national tenants, among which are brands like Stein Mart, Michaels, Petco and CVS. It is considered to be one of the city’s iconic retail properties.
Springdale Shopping Center is located in proximity of the new Mueller Airport Redevelopment. The 163,677-square-foot retail property is anchored by names like H-E-B, Fashion Outlet, Carousel Pediatrics, Family Dollar and O’Reilly Auto Parts. The fund also owns The Jefferson in Austin, a 97,552 square-foot medical office building the company purchased in March 2011.
Velocis is well positioned to continue snapping up just the right assets in key locations. According to Commercial Property Executive, the fund completed its second closing in June, taking it one step closer to the goal of raising $150 million in equity for leveraged buying power totaling $350 million.
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