197
FORT WORTH — Velocis and its investors have purchased the 89,727-square-foot Magnolia Medical Tower, a medical office building located in Fort Worth's Medical District. The property, formerly known as the Medical Arts Building, was built in 1985 and is currently 67 percent leased to private doctors and medical service firms. Velocis plans to invest $1.5 million to upgrade the elevators, improve entries and exits, modernize the lobbies, refurbish the parking garage and upgrade the corridors and bathrooms. Will Northern of Northern Realty Group, along with Velocis Fund Advisory Board member Webber Beall III, represented the buyer in the transaction. Lincoln Harris, CSG will manage and lease the property.