Bala Cynwyd Real Estate Firm Flips Harleysville Bank Building for Nearly 2× Former Purchase Price
Velocity Venture Partners, a Bala Cynwyd real estate private equity firm, has sold the former Harleysville Bank building it purchased in Aug. 2022. Paul Schwedelson, in the Philadelphia Business Journal covered the windfall that resulted.
Velocity Venture Partners paid $3.15 million seven months ago for the 26,000-sq.-ft. structure at 480 School Lane. The deed was acquired for cash at an online auction.
The recent resale had the undisclosed purchaser laying out $6.1 million for the site, nearly doubling the initial investment.
Velocity Venture Partners bought the plot hoping to retain the bank and redevelop it for blended flex-industrial and mixed-use purposes. That plan has not advanced, according to Velocity founding partner Zach Moore.
The new owner also sees a mixed-use future for the distinctive structure, with no further detail on plans other than that.
In either case, the community can expect to benefit as the building becomes a source of new jobs.
Moore commented: “We’re super pumped about putting such an incredible win on the board.
“But I’m equally excited about what’s to come for the township with this site. And I couldn’t be more thrilled for the purchaser because I think it’ll be equally as profitable for them as it was for us. That’s certainly my hope.”
More on the future of the Harleysville Bank building is at the Philadelphia Business Journal.
The story of Harleysville Bank.
Stay Connected, Stay Informed
Subscribe for great stories in your community!
"*" indicates required fields