Wednesday, June 11, 2014
Dallas-based real estate fund targets $800 million in new buys
Velocis Fund last year bought the McKinney Place office tower in Dallas' Uptown neighborhood.(DMN files)
A successful Dallas-based commercial real estate investor is raising money to make more purchases.
Four-year-old Velocis Fund LP is raising $300 million for its new real estate investment fund that will be used to buy office, medical office and retail properties in major U.S. markets.
The new fund expects to acquire around $800 million in properties, most priced between $20 million and $70 million, managing principal Fred Hamm said Tuesday.
Velocis hopes to buy two dozen or more properties over the next three years.
The investor’s first fund, which is about three-quarters spent, has purchased about $305 million in real estate.
Some of the local acquisitions include the 8-story, 150,000-square-foot McKinney Place office building in Uptown. And Velocis bought a 108,000-square-foot shopping center in Colleyville.
Steve Brown- Dallas News