Velocity Venture Partners, based in Bala Cynwyd, has sold a seven-building industrial portfolio in North Wales for nearly 50 percent more than its purchase price from three years ago, writes Paul Schwedelson for the Philadelphia Business Journal.
The Montgomery County investor sold the seven industrial properties to NorthBridge of Wakefield, Massachusetts, for $22.2 million. The fully leased portfolio totals 125,000 square feet and is located near the intersection of Wissahickon Avenue and Dickerson Road.
At $178 per square foot, the sale ranks among the highest in the Philadelphia region in recent years for industrial properties of 150,000 square feet or smaller. Velocity purchased the portfolio from Schenk Properties, which developed the buildings in the 1980s and 1990s, for $15 million in 2022, or $120 per square foot.
The buildings were fully leased, but under short-term agreements at amounts that were below market. Velocity chose to renovate the properties and bring the rents up to market levels during renewals. Approximately 60 percent of tenants renewed, and new tenants filled the remaining space. Velocity spent between $500,000 and $750,000 on renovations.
Read more about Velocity Venture Partners’ sale of the North Wales properties in the Philadelphia Business Journal.
