June 9, 2021 9:00 AM
Newmark Real Estate (Newmark) announces 70,000-square-feet of real estate transactions totaling $5.325 million in Hatfield and King of Prussia, Pennsylvania. The transactions include the acquisitions of: a 27,500-square-foot flex building on 2.83 acres at 1111 North Broad Street and a 15,200-square-foot flex/industrial building at 1910 North Penn Road, both in Hatfield; and a 27,000-square-foot flex/industrial building at 451 Yerkes Road in King of Prussia. The transactions represented a combination of single- and multi-tenant, income producing assets with upcoming vacancies in 2022.
All three properties were acquired by Velocity Venture Partners LLC (Velocity), headquartered in Bala Cynwyd, and arranged by Newmark Managing Director Justin Bell. Mr. Bell said, “These were off-market transactions with significant complexities, and we appreciate Velocity’s ability to navigate each and reach the finish line.”
Tony Grelli, Founding Partner at Velocity Venture Partners added, “Velocity is excited to acquire three quality industrial assets that provide value-add growth opportunities for our expanding Montgomery County, Pennsylvania portfolio, which is nearing 2.5 million square feet.” According to Zach Moore, Grelli’s Founding Partner at Velocity, “Our very first acquisition–a 10,000-square-foot flex building–sits just a few miles down the road from these Hatfield sites, and we are thankful to Justin and Newmark for helping us grow our footprint in Hatfield and throughout the Greater Philadelphia Market.”
451 Yerkes Road offers 10,000 square feet of flex/warehouse space that is available October 1, 2021, and 1111 North Broad Street offers 27,000 square feet of warehouse and showroom/flex space that is available April 1, 2022. Newmark will be handling the leasing assignments for both properties.
According to Newmark Research, the Montgomery County submarket has been a significant beneficiary of accelerating industrial activity across Southeastern Pennsylvania. Tenant demand from a diverse group of industrial occupiers has trimmed vacancy in Montgomery County’s inventory by 60 basis points over the past year, to 6.7 percent in the first quarter of 2021. In turn, tightening market conditions drove rent growth of 31.0 percent over the same period, and new development has broken ground to meet occupier needs for space.
About Velocity Venture Partners LLC
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 4,500,000+ 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.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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