Velocity Venture Partners, headquartered in Bala Cynwyd, continues its spending spree in the Philadelphia region with the $5.3M acquisition of the 120K SF former Bradlees department store in Stratford, New Jersey, writes Matthew Rothstein for Bisnow.

Velocity plans on spending $3M to convert the former department store to industrial use. The building has been vacant since Bradlees closed in 2001.

The seller, an affiliate of Crown Castle, had originally bought the property for its own conversion plans, but those plans never panned out.

“Stratford is a small borough, and they’re working with us to get this site active,” said Velocity co-founder and principal Tony Grelli.

“There is not a large number of commercial or industrial buildings there. And Stratford residents have been looking at this building for forever, saying, ‘It’s been 20 years. Something has to happen here.’”

Velocity has acquired a number of properties in the Philadelphia region over the last year, including a Quakertown shopping center.

Read more about the acquisition at Bisnow.

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