Velocis Ends 5-Year Hold on 189K-SF Echo Lane

Dallas-based Velocis ended its half-a-decade hold on Echo Lane, a 189,162-square-foot office complex in Houston’s Hedwig Village. Entity 800 Builders acquired the two-building asset at 950 and 952 Echo Lane for an undisclosed price. Rudy Hubbard, Kevin McConn and Rick Goings with JLL represented the owner in the transaction.

Velocis acquired the Class A property in 2012, and boosted occupancy from 83% to 97% during its ownership. The buy was the fund’s second in the Houston market. The buildings are situated on 3.8 acres of wooded property.

“When we purchased Echo Lane, we saw a great opportunity to invest in a property with not only a premier address, but also unique characteristics,” said Velocis’ Mike Lewis, partner, Velocis. “As with all of our investments, our goal was to identify and unlock value in the property.” The goal was to increase occupancy and rents and “ultimately, dispose of the asset at the optimal time,” Lewis said.

For comments, questions or concerns, please contact Texas Commercial Real Estate News Editor Amy Sorter