A Bala Cynwyd-based company is expanding its reach further into New Jersey with the $12.1 million purchase of a 195,000 square foot “Class B” industrial building, writes Paul Schwedelson for the Philadelphia Business Journal.
Velocity Venture Partners bought the Lawrenceville building from pharmacuetical company Aurobindo.
The Bala Cynwyd-based company’s 195 building portfolio spans 9 million square feet, and the company hopes to reach 10 million by year’s end. Its specialty is buying “distressed assets”, or “B buildings” that could use renovating, and leasing them out to tenants.
Velocity wants to cater to tenants who are looking for 25,000 to 100,000 square feet of space in the area, amid an influx of newer, larger industrial buildings that are much pricier. One of its tenants is Fortis Education, a trade school that takes up 30,000 square feet.
The property was established in the 1960’s as a manufacturing building and is climate controlled. Velocity plans to demolish most of the interior, paint the exterior, and add new parking, signage and landscaping.
Read more about the Bala Cynwyd-based company’s renovation plans and strategy to expand in New Jersey in the Philadelphia Business Journal.
The Fortis Institute in Lawrenceville, New Jersey.
