An investment group led by Dallas-based Velocis has purchased McKinney Place, 145,610-square-foot office building at 3131 McKinney Ave. in Uptown. The 13-story building sits on top of a six-story parking garage.
Mike Lewis, principal and co-founder of Velocis, said in a statement that the group plans to make enhancements to the property, and that it represents “an excellent opportunity for our investors,” with its location in the heart of Uptown and coveted McKinney Avenue address.
The seller in the deal, a state pension fund advised by Lincoln Property Co., was represented by HFF. Lincoln will continue to manage the asset; Jones Lang LaSalle’s James Esquivel, Jay Bailey, and Clint Coe will oversee leasing. The property currently is about 90 percent occupied.
McKinney Place is the Velocis fund’s ninth portfolio buy, bringing total assets under management to more than $240 million. The group owns seven other properties in Texas, plus one in Colorado.
Formed in 2010, Velocis is led by co-founders and principals Fred Hamm, Mike Lewis, Steve Lipscomb, and Jim Yoder.