DALLAS-Continuing its acquisition activities, a commercial real estate investment fund overseen by Velocis Partners LLC acquired the majority interest in two class A Austin office buildings, Arboretum Atrium and Las Cimas I. The Dallas-based fund acquired the buildings, totaling more than 170,000 square feet. Moore&Associates, in the meantime, will retain a minority ownership position while continuing to manage and lease the assets.

The 91,083-square-foot Arboretum Atrium is at 9737 Great Hills Trail in the northwest submarket. The property was recently renovated and is 100% occupied. The 82,787-square-foot Las Cimas I is at 804 Las Cimas Blvd., in the four-building Las Cimas office park on the region's southwest side. Las Cimas II was built in 2000. Moore&Associates, headquartered in Bethesda, MD, acquired both properties in 2004.

“These two assets are strategically located in prime demographic areas of Austin's northwest and southwest subdivisions. Not only is Austin one of the most desired live, work and play cities, but the supply-constrained market makes this a perfect demand driven purchase,” says Mike Lewis, a Velocis principal and co-founder. “We have an ideal partner in Moore&Associates, who shares our in-fill location strategy and is a best in class management team.”

Velocis celebrated the final close of its fund in March 2013 with equity commitments exceeding $135 million. With these most recent purchases, the Fund has approximately $264 million of assets under management, which includes office, medical and retail properties in Texas and Colorado.