Source, The Philadelphia Business Journal
Velocity Venture Partners has paid $9.3 million for 780 Fifth Ave., a 97,000-square-foot flex building in King of Prussia.
The acquisition is one of a series that Velocity has made this year as it spent $150 million to double its industrial holdings in Pennsylvania and New Jersey. The company bought 2 million square feet across 21 buildings and now owns a portfolio totaling 4 million square feet.
Among its acquisitions this year was 771 Fifth Ave., a 30,300-square-foot building next door to its latest acquisition; a 667,019-square-foot industrial building at 2750 Morris Road in the Lansdale area; and several buildings in Pennsauken, New Jersey, including a 37,856-square-foot warehouse facility located at 2301 Haddonfield Road.
The Bala Cynwyd-based company plans to continue its buying spree. The King of Prussia purchase was the first of six transactions it plans to close by the end of this year and intends to buy more next year, said Tony Grelli, Velocity’s co-founder. “We’re still seeing a tremendous amount of deal volume that we want to take down,” he said.
Velocity bought its latest King of Prussia building from an affiliate of Rudner Real Estate, a Mount Laurel, New Jersey, real estate firm. The building was 89% leased at the time of the sale. Scott Mertz and John Adderly of NAI Mertz arranged the transaction.