Ian Richman and Marc Isdaner of Colliers International’s Mount Larel office have brokered the sale of 436 Commerce Lane in West Berlin, New Jersey, which traded for $2,700,000. The building is a 48,000 sf multi-tenant warehouse/flex building conveniently located immediately off of Route 73. Colliers has been retained to lease a vacant 22,000 sf unit in the building.
“Colliers is happy to continue partnering with a strong investment team that is bullish on the South Jersey industrial market.” cited Marc Isdaner of Colliers. This is the ninth building purchase (within 5 transactions) completed by the team for fast-moving real estate investment firm Velocity Venture Partners.”
“I grew up in Southern New Jersey and have watched this corridor of the market continue to explode with growth over the past few years, from distributors to services-based companies alike. 436 Commerce is of a much newer vintage in this market – and the property boasts 18’ clear ceiling heights, impeccable loading and modern office space, factors that we believe will allow us to quickly lease up availabilities as they arise,” said Velocity’s Founding Partner Tony Grelli.
Per Grelli’s Co-Founder Zach Moore, “We look forward to working with the Colliers team to further stabilize the property in the coming months. Thank you to Marc and Ian for facilitating another smooth and quick transaction with our team.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliersor LinkedIn.
About Velocity Venture Partners
Velocity Venture Partners is a leading developer of industrial real estate throughout New Jersey and Pennsylvania. 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. The team currently owns and operates 3,000,000+ SF of industrial space throughout the region - a portfolio comprising 150 tenants and 40 properties. Velocity was founded by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore.
