S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — April 2023 — 13B
www.marej.com
Neilson and McGhee of Colliers represent the seller and procured the buyer Velocity Venture Partners acquires industrial property in Bensalem, Pennsylvania
B
sion. The property is easily accessible from many major highways and sits right off of I-95. The site
ENSALEM, PA — Colliers announced the completed sale of
the 94,280 s/f net leased industrial facility at 2260 State Rd. in Ben- salem. Carl Ne i l s on and An- drew Mc- Ghee o f
is occupied by ProCorr Display & Packaging - a manu- facturer of corrugated boxes and other pack-
Carl Neilson
Andrew McGhee
aging materials. An 8,000 s/f office unit will shortly be available for lease and can accommodate a single user or multiple. “2260 State Rd. represents Velocity’s second acquisition in Bensalem Township and we are thrilled to add the site to our Bucks County Portfolio. I am proud of our team’s ability to successfully
Colliers both represented the seller and procured the buyer, Velocity Venture Partners . ATC 2260, LLC sold the property at an un- disclosed price. 2260 State Rd. is a 20’ clear height industrial warehouse and light assembly property. The building has three docks and three drive-in doors, with ample room for expan-
2260 State Road
throughout the Northeast and remain hungry for new acquisitions, despite rising interest rates and the doom
navigate today’s choppy capital markets to get this one closed. We are very bull- ish on industrial real estate
and gloom that you hear in the news,” said Veloc- ity founding partner Tony Grelli . MAREJ
Newmark secures 55,000 s/f EwingCole lease renewal at The Federal Reserve Bank of Philadelphia Building
on-site, including a state-of- the-art conference facility with a 180-seat auditorium, a café with full caterinwwg and outdoor dining, a fitness center, covered parking, all new building systems and 24/7 building security. Located at the corner of 6th and Arch streets in downtown Philadelphia, the Federal Reserve Bank of Philadelphia building sits on Independence Mall, directly across from the National Constitution Center. The property boasts a premier location, with immediate access to major highways – I-676, I-95, I-76 – the Ben- jamin Franklin Bridge and public transportation. According to Newmark Re- search, the overall vacancy rate for the Philadelphia office market increased to 17.4% in the fourth quarter of 2022, up 20 basis points from the third quarter’s 17.2%. Absorption was slightly in the negative, with 13,448 s/f, however, the year-to-date to- tal was at 527,885 s/f. MAREJ
PHILADELPHIA, PA — Newmark announced a 55,000 s/f lease renewal at
10 North In- dependence Mall West— a class A of- fice building in Philadel- phia. New- mark execu- tive manag- ing director
Jeffrey Tertel
Jeffrey Tertel represented the landlord, The Federal Reserve Bank of Philadel- phia, in the transaction with tenant Ewing Cole . EwingCole is a nationally recognized architecture, engineering, interior design and planning firm. “EwingCole’s renewal in the Federal Reserve Bank of Philadelphia building is a continuation of their pres- ence in one of Philadelphia’s most amenity-rich class A office spaces. The landlord has put care and effort into the building common areas and amenities – a benefit to tenants, their employees and
10 North Independence Mall West we are excited to see other notable tenants follow suit.” The eight-story, 775,000
clients,” said Tertel. “As ten- ants continue the return to office in Philadelphia’s CBD,
s/f Federal Reserve Bank of Philadelphia building of- fers trophy-level amenities
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