Fine Print: Velocity pays $5.5M for industrial complex, KoP building trades for $2.6M

Source, Philadelphia Business Journal, Natalie Kostelni

A roundup of recent real estate transactions across the Philadelphia region:

$2.57M

A 17,000-square-foot building at 200 Mall Blvd. in King of Prussia, long known for its owner and occupant, Kremer Eye Center, sold for $2.57 million to Pennsylvania Dermatology Partners. Tom Kramer of TDK Associates represented the seller while Patrick Grenko and Matt Davis of JLL represented the buyer. Kremer moved to 1018 W. Ninth Ave. in King of Prussia. The buyer, which now occupies space off Allendale Road, saw this as a growth opportunity, Grenko said.

$2.4M

Vesey Capital paid $2.4 million for a 24,000-square-foot industrial building at 20 Union Hill Road in West Conshohocken. Union Hill LP was the seller and was represented by Ryan Pensabene and Kevin Flynn Jr. of the Flynn Co. ESSA Bank & Trust provided the acquisition loan. The buyer plans to lease up the building and is targeting $12 a square foot in rents.

$5.5M

Velocity Venture Partners paid $5.55 million for a two-building industrial complex totaling 48,000 square feet at 201-375 Pheasant Run in Newtown. Lang Associates was the seller. The complex has five tenants and some vacant space which Velocity plans to renovate and lease up. Jim Scott of Colliers International arranged the sale.
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$16.1M

Crescit Capital Strategies arranged $16.1 million in acquisition financing for Snapbox Self Storage for a vacant 105,000-square-foot storage facility at 4501 Woodhaven Road in Philadelphia. The space had formerly been occupied by a Pathmark and was recently converted into self-storage. The space is a separate commercial condominium that had once been part of Liberty Plaza, a 372,130-square-foot shopping center that sold in 2018 for $10 million to an entity affiliated with Sant Properties.

$3.5M

Tryko Partners plans $3.5 million in capital and program upgrades to Regina Community Nursing Center at 550 E. Fornance St. in Norristown. The 121-bed skilled nursing facility was originally built in 1980 and was owned by a faith-based nonprofit organization for 50 years. It will be renamed Markley Rehabilitation & Healthcare Center. The property has 90 residents and is about 75% occupied.