Dallas investor buys Sugar Land building, eyes more properties

With its first Houston acquisition for its new fund under its belt, a Dallas-based real estate investment fund is eyeing the Bayou City for more opportunities.

Velocis recently acquired Two Sugar Creek, a Class A office property in Sugar Land that contains 143,410 square feet of space. The building is currently 84 percent leased and Velocis will soon commence a multimillion-dollar renovation of the property, said Paul Smith, a principal at Velocis.

The building’s lobbies and restrooms will be renovated, and its hallway walls and carpeting will be spruced up, Smith said. Velocis might also build spec suites in the building ranging from 2,500 square feet to 5,000 square feet.

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