Better late than never: as the industrial real estate sector continues to boom, Velocis is getting in on the action.
The Dallas-based private equity firm, which specializes in real estate investments, has acquired two development sites in the Dallas-Fort Worth area, according to Commercial Property Executive.
Velocis has teamed up with the U.S. subsidiary of Japanese mega-conglomerate Sumitomo Corp. to close on a pair of properties which will comprise 850,000 square feet of industrial space.
The sites mark the first of several investments Velocis plans on making with Sumitomo. It will also be the beginning of more investments in Texas, as Velocis is reviewing additional opportunities in the Dallas metro area as well as North Austin, the publication reported.
Over the past 11 years, Velocis has purchased 35 properties across major U.S. markets. Until now, the company has mainly focused on multifamily, office, medical and life science assets, particularly in Sun Belt markets experiencing high growth.
Earlier this month, a partnership between Velocis and CREC Capital sold an 18-story office building in West Palm Beach, Florida to a group led by Tricera Capital for $61 million.
The driving force behind the decision to diversify was record-high demand for industrial real estate in the Lone Star State, a Velocis partner told Commercial Property Executive.
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[Commercial Property Executive] — Holden Walter-Warner