Velocity Venture Partners, the Bala Cynwyd-based real estate investment firm, is continuing its rapid growth with the acquisition of a former manufacturing facility in Pennsauken, New Jersey, writes Michelle Caffrey for the Philadelphia Business Journal.

The purchase of the 355,000-square-foot property brings the number of square feet of warehouse and distribution space owned by the firm in the region to 1.5 million. And there are no plans to slow down, as the firm expects to own nearly 2 million by the end of the quarter.

“It’s an exciting project for us, we’re pumped up about it,” said Velocity Founding Partner Tony Grelli. “We’re the second-largest owner in Pennsauken right now, and we have an appetite for more.”

Velocity bought the property from Aluminum Shapes for between $10 million and $12 million.

The firm is planning to invest around $4 million in renovations. These will include installing new energy-efficient LED lights, replacing the roof, and renovating the loading docks, among other improvements.

Velocity is looking to lease the main 290,000-square-foot part of the building to a company that is looking for a large space for last-mile distribution.

Read more about Velocity Venture Partners at the Philadelphia Business Journal by clicking here.

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