Velocis Sells Austin Retail Center

Dec 15, 2014
GlobeSt

Velocis, a private-equity real estate fund manager, and its investors have sold Springdale Shopping Center. The 163,677-square-foot retail center in northeast Austin was purchased by Tampa, Fla.-based Forge Real Estate Partners III LP for an undisclosed price


“Velocis was able to acquire this HEB-anchored asset two years ago through a long-term relationship with the seller,” Velocis principal Jim Yoder told GlobeSt.com. “Over the course of the last two years, we have made improvements to the property and brought the center to a 99 percent occupancy rate. By unlocking this asset’s hidden value we were able to meet our investment objectives.”


Velocis recently invested in new roofing, pylon signage updates and parking lot repairs. The center is in a high-traffic location off Highway 183 and with close proximity to the new Mueller Airport redevelopment. Other notable tenants include Fashion Outlet, Carousel Pediatrics, Family Dollar and O’Reilly Auto Parts



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