HOUSTON–Velocis, taking advantage of the robust Houston market, announces the sale of 7700 San Felipe to Pat Hicks of Hicks Ventures.

The 100,176-square-foot office building is located in the Tanglewood/Memorial area in Houston on San Felipe just west of Voss Rd.  Velocis originally targeted the property in 2011 due to the building quality, diversified tenant base and urban location, Mike Lewis, principal and co-founder of Velocis, tells GlobeSt.com.

"This is the second asset sold out of our portfolio and, like the sale of our first asset, delivered above average returns – approximately a 30% IRR and a 1.85X equity multiple – to our investors," says Lewis. "To be able to deliver these types of returns to investors in both our first and second sales speaks to our ability to choose, and sell, the right acquisitions, at the right time and solidifies the success of our Fund I strategy."

Velocis now owns one office asset in Houston, 950 and 952 Echo Lane, totaling 190,000 square feet. Velocis still sees opportunity in the Houston market and continues to pursue properties in the area.

"The international investor and the institutional investor have to have Houston in their portfolio these days," adds Lewis.

Dan Miller, senior managing director and director Martin Hogan of HFF represented the seller in the transaction.

As previously reported by Globest.com, Velocis recently sold the 97,552-square-foot medical office building, Jefferson Building, in Austin, Texas. The sale provided Velocis Fund investors with approximately a 30% IRR and 2X equity multiple, net of all fees and expenses.