Industrial building in Bensalem sold to firm with several tenants
One 10,000-square-foot section remains available for rent in a building that sold for $2.475 million, Binswanger executives say.
Velocity Ventures has purchased a 51,181-square-foot building on 2.61 acres at 1296 Adams Road in Bensalem from DM Ventures for $2.47 million, Binswanger Commercial Real Estate Services announced.
The deal was brokered by Jason Ostach, vice president, and Chris Pennington, senior vice president and partner — both in Binswanger’s Philadelphia office.
“Bensalem has become one of the most competitive industrial markets in Southeastern Pennsylvania, mainly because of the rather low vacancy rates. Plus, given the proximity to I-95 offering north and south access as well as I-276 enabling access to the west, and New Jersey being right across the river, Bensalem is a prime location for a variety of businesses. Velocity made a good investment as we expect that trend to continue,” said Ostach.
The property is situated directly on Adams Road offering nearby access to I-276, I-95, and other major regional highways.
“We look forward to continuing our work with Velocity to identify potential tenants in an effort to fully stabilize this asset,” Pennington said.
While the building is almost fully occupied with several tenants, there is 10,000 square feet of industrial space currently available for lease.
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