Velocity Venture Partners Acquires Five Building Industrial Portfolio in Delaware County
Delaware County, Pennsylvania, February 2020 – The Flynn Company is pleased to announce the sale of a 170,000 SF, five-building, industrial portfolio in Delaware County. The properties are located in the Ridley Business Center in Holmes, PA (four buildings) and 620 Parkway in Broomall, PA, which are located in direct proximity to I-95 & I-476, respectively. The properties were 100% leased at the time of the sale. The buildings offer very functional space in a variety of suite sizes, which meet the industrial demand in Delaware County.
Velocity Venture Partners purchased the properties for $12,250,000 as a strategic acquisition to grow their Industrial portfolio across the Delaware Valley. “We are excited to acquire functional, in-fill product that we believe will always be in high demand. With low vacancy rates and a lack of developable land in Delaware County, we target owning assets with scale near dense suburban and urban population centers,” said Velocity’s Founding Partner, Zach Moore.
Velocity has recently made Delaware County a core focus of their organization and has acquired 200,000 sf of last mile product in the Airport Industrial submarket in the county, out of a global industrial portfolio of two million square feet. “This submarket provides users with direct access to Philadelphia International Airport and the major transportation arties that surround the City of Philadelphia and suburban population hubs. We’re excited to expand our presence in the submarket over the next few quarters with additional acquisitions in our pipeline, said Tony Grelli, who spearheads Velocity’s focus in NJ and co-founded the firm with partner Zach Moore. “We believe our Delaware County portfolio will serve as a landmark within the Velocity umbrella as we drive to be the most active last mile industrial owner within Southeastern Pennsylvania and New Jersey,” said Moore.
About Velocity Venture Partners
Velocity is a Philadelphia-based developer of industrial and flex properties. The firm was founded in 2017 by Zach Moore & Tony Grelli and currently owns and manages two million SF of industrial real estate in Southern New Jersey and Southeastern Pennsylvania. For more information or to contact the team, please visit www.velocityinv.com.
About The Flynn Company
Serving the Greater Philadelphia region since 1980, The Flynn Company engages in all phases of commercial real estate. As one of the largest full-service real estate companies in the region, the firm offers clients a wide range of in-house capabilities including sales, leasing, accounting and property management, space design, construction and advisory services. The Flynn Company is consistently ranked as one of the largest family-owned and veteran-owned companies in the Philadelphia region.