Colliers is pleased to announce the $5,550,000 sale of a multi-tenant light industrial portfolio in Newtown, Pennsylvania to Velocity Venture Partners.
The two buildings, located at 201-375 Pheasant Run in Newtown and totaling 48,000 square feet, are presently home to five of light industrial, pharmaceutical and technology companies. The property offers expansive parking, tailgate and drive-in loading, warehouse, office, and finished lab space.
Velocity will immediately commence a capital improvement campaign to improve the exterior aesthetics, demolish excess office areas and turn existing vacancies into multiple tenant-ready units of 5,000 – 20,000 square feet suitable for light industrial, pharma and technology-oriented occupiers. “We are excited to welcome five new tenants to the Velocity family, and to inherit a handful of vacancies that can efficiently accommodate distribution or lab-style users given their current fit-out configurations.” said Tony Grelli, Velocity’s founding partner.
Immediate availabilities include a 10,000 square foot flex unit and a turn-key 5,000 square foot lab unit with supporting executive offices. “It’s been great to partner with the Colliers team on another successful acquisition, and we look forward to working with Jim to quickly lease up the availabilities,” per Zach Moore, Grelli’s partner.
Jim Scott, a Senior Managing Director with Colliers International represented the Seller in the transaction. This was a great opportunity for the buyer to secure a quality asset in a well establish infill submarket. Occupiers are drawn to this submarket by the excellent highway access, access to highly skilled labor, and first class amenities within the park including a Hilton-branded Hotel, the 22 acre / 250,000 SF NAC athletic club, Newtown Brewing Company, Francesco’s restaurant, and proximity to Newtown Borough less than 2 miles away.
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 four million SF in Southern New Jersey and Southeastern Pennsylvania. Velocity raises acquisition capital from institutional and high-net-worth investors as well as family offices throughout the United States. For more information or to contact the team, please visit www.velocityinv.com.
