M id A tlantic Real Estate Journal — New Jersey — August 14 - 27, 2020 — 13B
www.marej.com
N ew J ersey
Five-building industrial complex located in Medford NAI Mertz’s Klear completes sale of five-building flex portfo lio
M
EDFORD, NJ — NAI Me r t z an - nounced that Jona-
than Klear , senior vice p r e s i d e n t , c omp l e t e d the sale of a five-building, 63,000 s/f in- dustrial com- plex located at 16 Med-
Jonathan Klear
ford-Evesboro Rd. in Medford. Klear represented the seller, Medford Industrial Park, who also is a tenant in the complex, and plans to lease-back and remain in its current space. An affiliate of Velocity Venture Partners , a commercial real estate investment firm located in Philadelphia, PA, was the buyer of the property. "I am pleased to have com- pleted the sale of this qual- ity property,” said Klear. “We were able to attract several interested buyers in part due to the ideal location of the property just off Rtes. 70 and 73, as well as the loyalty and long-term leases of its local and
16 Medford-Evesboro Rd.
office space, which is being exclusively being marketed by NAI Mertz, will soon be avail- able for rent. Per Velocity’s founding part- ner, Tony Grelli : “This was a complex transaction as we signed up the deal right at the start of the COVID-19 pan- demic. Jon and the NAI Mertz team were incredibly help- ful in overcoming the many pandemic-related hurdles that arose, and we look forward to working with them to further stabilize the complex.” MAREJ
regional occupants," he added. Situated on 9.76 acres, this property known as Medford Industrial Park, was originally built in the 1970s. Over the years newer buildings were developed on the complex, which now includes five build- ings and ten tenant suites. The portfolio serves as headquar- ters for a variety of tenants, many of whom have been located at the site since the early 1990’s. Currently fully occupied, a 7,200 s/f unit with a loading dock and turn-key
When it comes to getting deals done in today's fast-paced market, time is more important than ever. We think waiting 4-5 weeks for an appraisal is unconscionable
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