Wednesday, April 02, 2014

Dallas real estate fund buys Colleyville shopping center

A Dallas real estate investment fund has purchased a Colleyville shopping center anchored by popular retail tenants.
Velocis acquired Town Center Colleyville, a 138,000-square-foot shopping center on Colleyville Boulevard.
The 10-year-old property is anchored by a Market Street grocery store and a Studio Movie Grill theater.
The new owner plans to make upgrades to the retail center, including adding new tenants. The property is about 93 percent leased.
“We are going to put in fresh capital into the property to entice some higher-end retailers,” said Steve Lipscomb, Velocis principal and co-founder. “You have Park Cities and North Dallas retailers that have quietly come into Colleyville because they have seen the income there.”
Velocis has hired Venture Commercial to lease and manage Town Center Colleyville. Clay Smith and Lance Taylor with JLL brokered the sale.
“While we were under contract, Studio Movie Grill came to the agreement to buy out the existing theater operator,” Lipscomb said. “They are going to open May 14.”
The retail center purchase is Velocis’ 15th acquisition since the company was started in 2010. The fund’s total assets under management comes to more than $303 million.
Velocis owns office buildings, shopping centers and medical properties.
Follow Steve Brown on Twitter at @SteveBrownDMN.