S hopping C enters N ew J ersey /P en sylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
www.marej.com
Five-building portfolio purchased by Velocity Venture Partners NAI Mertz’s Klear & Meyer complete sale of Stow Road Corporate Park in Marlton, NJ
M
made directly to a subsidiary of Velocity Venture Part- ners , a Philadelphia-based
to several of southern/cen- tral New Jersey’s highways including Rtes. 70 and 130, I-295 and the NJ Tpke. “Velocity has been rapidly increasing its industrial real estate footprint in the greater Philadelphia area and has quickly become a leader in Southern New Jersey’s flex market. We have been re - tained to market the avail- able units at the complex and are thrilled to watch the site evolve through Velocity’s reno - vation campaign,” said Klear. “This is an incredible addi - tion to our Southern New Jer- sey Portfolio and we excited to add additional market share along Exit 4. Thank you to Jon, Fred and the NAI Mertz team for helping us get this across the finish line,” said Velocity’s co-founder, Zach Moore. MAREJ tant regional distribution and manufacturing corridor. We are continuing to grow and di- versify our industrial portfolio across the country meeting the significantly increasing tenant demand for well-located assets that facilitate rapid delivery of parts, products, and con- sumer goods in and around the nation’s major population centers.” “The acquisition of York Business Center represents the single largest acquisition in Endurance’s 20-year history. In-fill, efficient older assets like this property that provide the functionality of a class A facility in the way of power, abundant car and trailer park - ing are very hard to come by. We are a strong believer in the York market specifically with its abundant labor and his - torical manufacturing base,” added Benjamin Cohen , president of Endurance. Sepa- rately, Endurance also recently successfully leased a newly constructed 352,000 s/f ware- house to Harley-Davidson for finished goods in York. MAREJ
T. LAUREL, NJ — NAI Mertz an- nounced that Jona-
real estate investment f i rm . NA I Mer t z was the sole bro - ker. “We have been chasing this portfo- lio for over a
than Klear , senior vice p r e s i d e n t , a n d F r e d M e y e r SIOR , e x - ecutive vice p r e s i d e n t , c omp l e t e d the sale of
Jonathan Klear
Fred Meyer
year now and our team is incredibly excited to wrap up the acquisition and get to work in renovating the complex. We have capitalized this acquisition with funds to renovate each suite into the highest-end flex product in the market – with top of the line office finishes and warehouse enhancements including sig- nificant loading additions and epoxied floors,” per Velocity’s YORK, PA — ASB Real Estate Investments (ASB) announced the acquisition of a 1,525,000 s/f industrial facility, York Business Center, located in York, PA for $90.96 million in a joint venture with Endur- ance Real Estate Group . ASB made the investment on behalf of its Allegiance Real Estate Fund , a $7.4 billion core vehicle. The three-building ware - house facility is situated on 119 acres near the intersection of I-83 and Rte. 30 and located in the core of the Central Pennsyl - vania industrial market. This prime location provides easy access to exceptional highway infrastructure that places 40% of the US population, six of the top 10 US MSAs and 51% of the Canadian population within a one-day truck drive. In addition, companies are attracted to the Central Penn- sylvania region for its ample blue-collar labor pool—236,000 working-aged people are within a 30-minute drive of York. The property is 94.2% leased primarily to Harley-Davidson
Stow Road Corporate Park, comprising five, single-story flex industrial buildings total - ing 160,000 s/f. The sale was HI-LIGHTS NOV. 19 - DEC. 23, 2021
Stow Road Corporate Park
of each unit. Conveniently located off Highway 73 and just a few miles from Exit 4 of the New Jersey Turnpike, the site offers hundreds of parking spaces, beautifully landscaped views, and a professional set- ting for flex users of all types. There is also great access
founding partner Tony Grelli . The complex, which will be rebranded as Velocity Busi - ness Park, was originally built as an industrial flex park, and ownership plans to add north of 20 loading positions and drive-in doors to further enhance the functionality
ASB&Endurance JV acquire 1.5million s/f industrial complex for $90.96 Million
SPOTLIGHTS CENTRAL NJ
5-7B
IOREBA
6B
PENNSYLVANIA
13-BC B
Alderman of NAI CIR represents seller in 66,000 s/f office sale
York Business Center
for just-in-time manufactur- ing and pre-assembly which supports the nearby Harley- Davidson York manufacturing plant, LSC Communications, a multinational commercial printing company, and Well - Span, a non-profit healthcare delivery company. The two primary buildings in the complex—787,600 s/f and 686,000 s/f—feature up to 32-foot clear ceiling heights, ample column spacing and
a combined dock ratio of one per 7,000 s/f. The overall site provides parking for 1,600 cars and 400 trailer spaces. The asset also includes 53,670 s/f of office space, that WellSpan utilizes as a mission critical operations center. Brodie Ruland , ASB man - aging director and co-head of acquisitions, said: “The York Business Center investment expands ASB’s industrial port - folio into a strategically impor -
15B
ALSO INSIDE
www.marej.com People on the Move ........... 16B
Made with FlippingBook Converter PDF to HTML5