By Anca Gagiuc
Velocis announced the purchase of Legacy Oaks, a 224,262-square-foot, Class A medical office complex located directly adjacent to San Antonio’s 900-acre South Texas Medical Center. The private equity real estate manager made the acquisition through its Velocis Fund II.
Strategy to increase occupancy
The complex consists of seven recently renovated buildings and is currently 75 percent leased by a mix of health care providers, including Baptist Health System, MEDNAX, BB&T and the Center for Healthcare Services. Velocis plans to implement a new management and leasing strategy with a market-oriented approach enhanced by physical improvements.
“This asset is one that checked all of the boxes for us in terms of our value-add investment strategy,” Mike Lewis, Velocis principal, said in prepared remarks. “The previous owner did an excellent job of laying the groundwork for the property’s long-term success. Building on their momentum, we plan to increase occupancy by providing fresh capital for physical enhancements, tenant improvements and leasing commissions.”
Image courtesy of Velocis