Dallas fund buys majority stake in Austin offices

Oct 16, 2013
Austin Business Journal

Dallas-based Velocis Fund has purchased a majority interest in two large Austin office buildings from Maryland-based Moore & Associates Inc. The properties are the Arboretum Atrium, 9737 Great Hills Trail, and Las Cimas I, 804 Las Cimas Blvd.

Moore & Associates will retain a minority interest

Moore & Associates, which has an Austin office, will continue to lease and manage the properties. The company first acquired the buildings in 2004

Velocis Fund was founded in 2010 and owns three other Austin properties, including the West Woods Shopping Center on Bee Cave Road and the Springdale Shopping Center on Ed Bluestein Boulevard. The fund also owns The Jefferson medical office building on West 38th Street

The 91,083-square-foot Arboretum Atrium is 100 percent leased. The fund did not disclose the occupancy of the 82,787-square-foot Las Cimas I, which is part of a four building complex. A German real estate investment company recently purchased Las Cimas II and III

The Velocis Fund was closed to investors in March, taking in equity commitments exceeding $135 million. The fund owns about $254 million in retail, medical office and office properties in Texas and Colorado

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