Velocity Ventures Pays $20M for Metro Philly Property
The 452,323-square-foot industrial building last traded for more than $28 million.
DeSanto Realty Group has sold a 452,323-square-foot industrial building in Lansdale, Pa., for $19.5 million. Velocity Ventures purchased the Class A property, which is part of Church Road Industrial Park.
Binswanger Commercial Real Estate Services represented the buyer in the deal. CommercialEdge data shows the property previously changed hands in 2007 for $28.2 million.
Situated on almost 38 acres at 1180 Church Road, the facility came online in 1966 and most recently underwent cosmetic renovations in 2008. The one-story building, which also includes office space, has 20-foot to 24-foot clear heights, one drive-in bay and six exterior dock doors.
The facility is some 2 miles south of downtown Lansdale and 33 miles northwest of downtown Philadelphia. Located near U.S. Route 202 and Interstate 476, the property is also easily accessible through public transportation, with several bus stations and Pennbrook train station nearby.
Binswanger Senior Vice Presidents & Partners Chris Pennington and Tim Pennington represented Velocity Ventures in the transaction. Chris Pennington also arranged the recent sale of two industrial properties totaling 390,498 square feet in Pennsauken, N.J.