Velocity Venture Partners Acquire Lansdale Area Warehouse-Distribution Center for $33M

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Velocity Venture Partners has acquired an industrial building in the Lansdale area for $33 million from an Advance Realty and the Davis Cos. partnership. Image via The Philadelphia Business Journal.

Velocity Venture Partners has acquired a 667,019-square-foot industrial building in the Lansdale area for $33 million from an Advance Realty and Davis Cos. partnership, writes Natalie Kostelni for the Philadelphia Business Journal.

The building sits on an 84-acre parcel with around 55 percent occupancy at the time of the sale. The property last traded six years ago for $18.3 million.

With this latest acquisition, the Philadelphia-based investment firm increases its warehouse-distribution space holdings in the Philadelphia suburbs and South Jersey to three million square feet. Around a third of that in the Lansdale submarket.

“We see this building as a major opportunity given the scale,” said Zach Moore of Velocity.

Due to the pandemic, the demand for warehouse-distribution space has skyrocketed as more people do the majority of their purchases online. As a result of this, Velocity has secured 15 leases in the last three months in its buildings.

The latest addition to the firm’s warehouse-distribution space was built in 1988, making it newer than the majority in the submarket. Also as a bonus for future tenants, it has ample parking and is close to Interstate 476.

Read more about the sale at the Philadelphia Business Journal by clicking here.

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