HOUSTON-Making its sixth and seventh acquisitions,Velocis' commercial real estate fund has added187,948 square feet to its growing portfolio. The Dallas companyacquired the 59,245-square-foot 950 Echo Lane and the128,703-square-foot 952 Echo Lane from owner Mark IProperties Ltd., with plans to invest some capital andpossibly push some rents in the 90% occupied, class A officebuildings.

"The in-place rents are below what the current market is forproperties like this," explains Velocis managing directorMichael Lewis. He goes on to point out that thelease roll is steady and consistent year over year.

Furthermore, while Velocis is planning some improvement in the1980s buildings in Hedwig Village, locatedapproximately 10 miles west of the CBD, "the buildings are sounique in style and structure with the grand staircase especially,we don't want to mess with the secret sauce," Lewis tellsGlobeSt.com. Fuller Realty PartnersLLC of Houston will handle the leasing and propertymanagement for the assets.