The Flynn Company Represents Velocity Venture Partners, LLC in 700,000 SF Industrial Property Acquisition
LANSDALE, PA – SEPT., 2020 – The Flynn Company is pleased to announce the sale of the approximately 700,000 SF multi-tenant industrial and office building on 84 acres known as 2750 Morris Road in Lansdale, PA. The Flynn Company represented the buyer, Velocity Venture Partners, LLC, in the acquisition of the property, and Cushman & Wakefield represented the seller, DIV-AR PROPERTY LP.
With this acquisition, Velocity Venture Partners continues their rapid growth throughout the Pennsylvania and New Jersey, specifically Eastern Montgomery County, which represents the epicenter of their assets. “We are excited to successfully acquire this asset, as we believe it is extremely unique and an irreplaceable last mile distribution center. We have been fortunate enough to experience overwhelming success with last mile industrial assets in the Pennsylvania and New Jersey, and we are confident that this asset will quickly absorb tenants benefiting from the surge in e-commerce growth” according to Zach Moore, Founding Partner of Velocity.
2750 Morris was originally constructed in 1989 by Ford Motor Company and remained the home of the electronics division until 2010. The building features 100% heated and air-conditioned space, 22’ clear ceilings, superior loading, and a backup power system that is fueled by 5 diesel generators which assures ongoing power without any risk of interruption. The building was approximately 60% leased at acquisition providing a partially occupied asset with leasing upside. “We have about 230,000 SF of warehouse space and 50,000 SF of office space to offer the market. Our research and due diligence have led us to an exciting marketing campaign that we will be launching immediately. Some of the changes include offering demised industrial units, starting at 25,000 SF, restructured operating expenses, and a focus on leasing high quality office space that has been overlooked for years. We are very excited to continue our relationship with The Flynn Company and aggressively chase the leasing opportunities in the market”, said Tony Grelli, Founding Partner.
Velocity Ventures was established in 2016 as a value-add industrial acquisition company. With the addition of this nearly 700,000 SF asset, the portfolio total will be approximately 3 Million SF. The rapid and aggressive growth is representative of their company name and now their newly pointed campus name. “We plan to rebrand 2750 Morris as Velocity Park,” said Moore.
For more information on this deal, please contact:
Michael Borski, Jr., SIOR | 215-561-6565 Ext 119 | email@example.com
Kevin Flynn, Jr. | 215-561-6565 Ext 121 | firstname.lastname@example.org
MarkPawlowski | 215-561-6565 | email@example.com
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