Binswanger Announces Expansion Of Utopia Fulfillment’s Lease At The Pennsauken Logistics Center – Only Two Months After Initially Occupying Space
Velocity Ventures Leases An Additional 103,275 Sf To The E-Commerce Company
PHILADELPHIA, PA – November 5, 2020 – Binswanger Commercial Real Estate Services announced today that it has successfully expanded Utopia Fulfillment’s lease to include an additional 103,275 SF in the Pennsauken Logistics Center – a property that Utopia began occupying just two months prior. The company had initially secured 120,000 SF after the property was made available by Velocity Ventures following their purchase and subsequent renovation of the complex. The lease restructuring brings the e-commerce tenant’s occupancy of the building to 223,275 SF. Utopia Fulfillment utilizes the space for warehousing and e-commerce fulfillment of its home goods product lines.
“We are thrilled to expand our relationship with Utopia at the Pennsauken Logistics Center, and are excited to now have a fully demised facility that is able to accommodate users of varying sizes and use cases,” per Tony Grelli, Velocity’s Founding Partner. The facility has roughly 103,000 additional square feet available for lease across four distinct sections –one section with 55,000 SF, another with 40,000 SF, a third with 6,000 SF and a fourth section with 2,000 SF.
Representing both the initial sale of the property to Velocity Ventures and the landlord representation are brokers Mike Torsiello, Vice President and Chris Pennington, Senior Vice President and Partner –both in Binswanger’s Philadelphia office.
“The fact that Utopia Fulfillment was interested in more space signals that their initial move to this property was a great fit,” stated Mike Torsiello, Vice President, Binswanger. “The recent improvements made by Velocity Ventures made this a desirable facility, which clearly contributed to Utopia’s desire to grow long-term roots here and expand their operation.”
The property is strategically located in the Pennsauken Industrial Park mere minutes from the Betsy Ross Bridge, I-95, and Tacony Palmyra Bridge. The industrial park is also close to Routes 73, 130, I-295, and the NJ Turnpike. The New Jersey Transit “River Line” light rail station is one-quarter mile from site. There is also regular bus service from Philadelphia to various points on River Road.
A full renovation from Velocity Ventures was recently completed with improvements that include white boxed interior, roof replacement, new LED lighting, repaving the parking lot, exterior painting and loading dock upgrades. Building features include ceiling height ranging from 20′-35′ clear; a 100% wet sprinkler system; 28 tailgate loading docks with four drive-in doors; 3+ acres of dedicated trailer/vehicle storage (approximately 200-250 trailer spaces). The property is zoned HI (Heavy Industrial District).
About Velocity Venture Partners
Velocity is a Philadelphia-based developer of industrial and flex properties. The firm was founded in 2017 by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore and currently owns and manages over three million SF in Southern New Jersey and Southeastern Pennsylvania. Velocity raises acquisition capital from high net worth investors and family offices throughout the United States. For more information or to contact the team, please visit www.velocityinv.com.
Binswanger, a global leader in full-service commercial real estate, has been helping its clients realize their full real estate potential since 1931. Founded by real estate innovator and pioneer, Frank Binswanger Sr., the company operates with the understanding that real estate has the ability to strengthen businesses and transform communities. The company offers a variety of services benefitting both owners and occupiers including global real estate brokerage, location consulting, investment sales, tenant representation, corporate advisory, strategic consulting, and a variety of management services. Having worked with more than half of the Fortune 500, the employee-owned company has long been known as the industry leader in the acquisition and disposition of industrial and commercial facilities around the globe. For more information, please visit www.binswanger.com.