Magnolia Medical Tower has been sold, with Ridgeline Magnolia MOB LP purchasing the Fort Worth property for an undisclosed price.
The 89,991-square-foot tower, at 1307 Eighth Ave. in the medical district, was purchased in 2012 by Dallas-based Velocis. It invested $1.5 million in property renovations, with all six floors and the parking garage undergoing a makeover.
“When we purchased this property, Velocis recognized that it was in need of substantial capital improvements and professional management,” said Jim Yoder, Velocis principal, commenting in a news release
The upgrades helped boost the building from Class C- to B+ status, Yoder added.
Renovations included modernizing the building’s elevators and upgrading common areas, applying new corridor finishes, upgraded lobby areas and reconstructing restrooms, as well as signage, mechanical and lighting updates to improve energy performance.
CBRE’s Lee Asher and Chris Bodnar of the U.S. Healthcare Capital Markets Group partnered with Austin Barrett in the Dallas-Fort Worth market to broker the sale on behalf of Velocis.
Dallas-based Velocis has been active in real estate investment since 2011, purchasing 21 assets located in major markets in Texas, Colorado, Georgia, Florida, Arizona, Virginia and North Carolina. It comprises two entities: Velocis Funds and Velocis Advisors.
Velocis Funds are private equity real estate funds. Velocis Advisors provides asset management and advisory services to both investors and real estate clients. More information is available at velocis.com.