SCOTTSDALE, Ariz. – (April 2, 2019) – Velocis, a private equity real estate fund manager, has sold Camelback Square, a three-story Class A office building in the heart of Old Town Scottsdale, Arizona, to City Office REIT, Inc.
Velocis purchased the building in 2015 as its
first acquisition in Velocis Fund II, recognizing the popular Scottsdale
submarket’s live-work-play environment as an indicator of its potential to
deliver rising rents and values.
Since then, Velocis has completed a total
repositioning of the building, including adding a new tenant lounge, upgrades
to corridors, elevator lobby refresh, new roof, restroom improvements, and a
new conference centre, to name a few.
“We
recognized the potential in the Scottsdale market from the beginning,” said Jim
Yoder, partner, Velocis. “Aside from the appeal of the location in Old Town
Scottsdale, our aggressive repositioning plan re-energized the property itself
and made it even more attractive in an already stable submarket.”
The
175,268-square-foot Camelback Square is located at 6991 E. Camelback Rd., at
the southwest corner of Camelback and Goldwater Roads. It is currently 84
percent leased to tenants including Digital Airstrike, Zocdoc, Regus, and Echo,
among others.
Camelback
Square is not Velocis’ only investment in the Phoenix market. The fund manager
also purchased Park One, a three-building complex in the prestigious Camelback
Corridor, in 2016.
Barry Gabel, Chris Marchildon
and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix,
represented the seller in the transaction.
“Camelback Square presented a
rare opportunity to acquire an institutionally maintained property superbly
located in the heart of one of the most desired urbanized live-work-play
environments of its type in the Southwest U.S.,” said CBRE’s Gabel.
Velocis
has been active in real estate investment since 2010, purchasing 29 assets
located in major markets within Arizona, Colorado, Texas, Georgia, Florida,
North Carolina, Virginia and the Washington, D.C. Metro Area. Velocis is led by
a team of five seasoned partners who are directly responsible for the
acquisition, asset management and disposition of assets. Partners in Fund II
are Fred Hamm, Mike Lewis, Jim Yoder, Paul Smith and David Seifert.
About Velocis
Velocis
is a private equity real estate investment firm, active in the acquisition,
operation/management and disposition of commercial real estate in the United
States. Additional information about Velocis can be found at velocis.com.
This does not
constitute an offer to sell, or a solicitation of any offer to buy any
securities or investment advice, nor is it intended to be a description of all
material factors an investor should consider before making any
investment.
