Bala Cynwyd-based Velocity Venture Partners has bought the roughly 600,000-square-foot former manufacturing facility in Pennsauken, New Jersey, for $32 million, writes Natalie Kostelni for the Philadelphia Business Journal.
Velocity acquired the former Aluminum Shapes property through a Chapter 11 bankruptcy sale. The sale was certified in November, three months after Aluminum Shapes filed for bankruptcy protection.
The sprawling property at 9000 River Road is adjacent to 8600 River Road, a 355,000-square-foot building the industrial real estate company bought from Aluminum Shapes in December 2019.
This latest acquisition adds to Velocity’s already sizable holdings in South Jersey, especially in Pennsauken where it now owns roughly 1.5 million square feet across 20 buildings.
The company has a total of 6 million square feet between Pennsylvania and New Jersey.
The company will market the former manufacturing facility to multiple tenants that are looking for space in a market with a limited supply of industrial properties.
“We’re working with groups to bring manufacturing back to Pennsauken,” said Tony Grelli, Velocity’s co-founder. “Our hope is to watch these jobs come back. We think we will have a nice mix of tenants there. There is such a lack of product out there for everyone.”
Read more about Velocity Venture Partners in the Philadelphia Business Journal.