Binswanger Helps Velocity Venture Partners Exit Stabilized Industrial Property in Cherry Hill, NJ
Philadelphia, PA – May 1, 2022 – Binswanger, an innovator in commercial real estate since 1931, today announced it has brokered the sale of a 20,000 SF multi-tenanted industrial/flex property at 100 Larwin Road in Cherry Hill, NJ. The transaction was brokered by Binswanger’s Mid-Atlantic team, led by Chris Pennington, Senior Vice President and Partner with additional support provided by Senior Vice President, Mike Torsiello. Binswanger exclusively represented the seller, Philadelphia-based investment firm, Velocity Venture Partners. The property was sold to H&K Properties.
“Velocity acquired this asset during the early innings of the COVID-19 Pandemic and our team diligently worked to revitalize and stabilize the building with a variety of long-term tenants,” said Velocity Founding Partner Tony Grelli. “While this disposition is bittersweet, we are thrilled with the $140 per square foot sale price that Binswanger was able to help us achieve and look forward to acquiring additional market share with the proceeds from the sale. We could not be more excited for what the remainder of 2022 holds for Velocity as we continue to be the most aggressive industrial buyer in the Greater Philadelphia marketplace.”
Conveniently located near major distribution arteries both locally (NJ Route 70, NJ Route 38) and regionally (NJ Turnpike, I-295), the property boasts a multi-tenanted rent roll with a weighted average lease term of 3.5 years. Nearly all of the units have been completely renovated by Velocity over the past year to attract these new tenants to the complex. These improvements included new office construction (including HVAC), LED warehouse lighting, and completely new restrooms. Additionally, Velocity recently stripped and sealed the parking lot and installed new tenant signage throughout.
Velocity Venture Partners, along with Binswanger’s Mid-Atlantic Team were recently recognized by the Philadelphia Business Journal for the sale of 9000 River Road in Pennsauken, NJ, naming it one of the “Best Industrial Real Estate Deals” of 2021. The strategic acquisition of the 560,000 SF property solidified Velocity as the largest industrial landlord in Camden County’s densest industrial submarket.
About Velocity Venture Partners
Velocity Venture Partners is a leading developer of industrial real estate throughout New Jersey and Pennsylvania and one of the largest owners of flex-industrial space in Southern New Jersey. The firm devotes its time exclusively to distribution, fulfillment, and manufacturing style assets that are located close to densely populated suburban corridors and major transportation arteries. Velocity currently owns and operates over 6 million square feet of industrial space throughout the region – a portfolio comprising 300 tenants and 70 properties. Velocity was founded by Gloucester County-native, Tony Grelli, and Montgomery County-native, Zach Moore. Learn more at 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.