SUGAR LAND, Texas — Velocis, a Dallas-based private equity real estate manager, has acquired Two Sugar Creek, a 143,000-square-foot office building located in the southwest Houston suburb of Sugar Land.
The seller, TA Realty, was represented in the transaction by HFF. The six-story building, completed in 1999, sits off Dairy Ashford Road near the intersection of U.S. Highway 59 and U.S. Highway 90 and is currently about 85 percent leased.
“Sugar Land is consistently the top Houston office submarket in terms of occupancy,” said Mike Lewis, principal at Velocis. “The market’s stability and long-term growth prospects are attractive to us. Combined with this property’s location, strong design and potential for immediate value-add, Two Sugar Creek aligns well with Velocis’ investment strategy.”
Since its founding in 2011, Dallas-based Velocis has been active in acquiring and managing commercial real estate, accumulating 25 assets across several states, including Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina. The firm is led by a team of five principals who oversee acquisitions, asset management and dispositions. The principals associated with Fund II are Fred Hamm, Mike Lewis, David Seifert, Paul Smith and Jim Yoder.
Stream Realty has been retained to manage and lease the Two Sugar Creek building, overseeing tenant relations, leasing activity and property operations to maximize occupancy and asset performance.
The acquisition underscores Velocis’ continued focus on core-plus office investments in stable, high-occupancy submarkets where operational improvements and leasing efforts can drive value.