S hopping C enters P ennsylvania featuring S outheastern PA www.marej.com Mid Atlantic Real Estate Journal — Pennsylvania — October 16 - 29, 2020 — 17B Cushman & Wakefield represent seller of 2750 Morris Rd. in Lansdale The Flynn Co. reps. Velocity Venture Partners in 700,000 s/f industrial property acquisition

ANSDALE, PA — The Flynn Company is pleased to announce the sale of the approximately 700,000 s/f multi-tenant in- dustrial and office building on 84 acres known as 2750 Mor- ris Rd. in Lansdale, PA. The Flynn Company represented the buyer, Velocity Ven- ture Partners, LLC , in the acquisition of the property, and Cushman & Wakefield represented the seller, DIV- AR PROPERTY LP. With this acquisition, Ve- locity Venture Partners con- tinues their rapid growth throughout the Pennsylvania and New Jersey, specifically Eastern Montgomery County, which represents the epicen- ter of their assets. “We are excited to successfully acquire this asset, as we believe it is extremely unique and an ir- replaceable last mile distribu- tion center. We have been for- tunate enough to experience overwhelming success with last mile industrial assets in L

offer the market. Our research and due diligence have led us to an exciting marketing campaign that we will be launching immediately. Some of the changes include offer- ing demised industrial units, starting at 25,000 s/f, restruc- tured operating expenses, and a focus on leasing high qual- ity office space that has been overlooked for years. We are very excited to continue our relationship with The Flynn Company and aggressively chase the leasing opportuni- ties in the market”, said Tony Grelli , founding partner. Velocity Ventures was es- tablished in 2016 as a value- add industrial acquisition company. With the addition of this nearly 700,000 s/f as- set, the portfolio total will be 3 million s/f. The rapid and aggressive growth is represen- tative of their company name and now their newly pointed campus name. “We plan to rebrand 2750 Morris as Veloc- ity Park,” said Moore. MAREJ

constructed in 1989 by Ford Motor Company and remained the home of the electronics division until 2010. The build- ing features 100% heated and air-conditioned space, 22’ clear ceilings, superior loading, and a backup power system that is fueled by five diesel 2750 Morris Rd. in Lansdale

the Pennsylvania and New Jersey, and we are confident that this asset will quickly absorb tenants benefiting from the surge in e-commerce growth” according to Zach Moore , founding partner of Velocity. 2750 Morris was originally

generators which assures on- going power without any risk of interruption. The building was approximately 60% leased at acquisition providing a par- tially occupied asset with leas- ing upside. “We have about 230,000 s/f of warehouse space and 50,000 s/f of office space to

$15.3M sale is the latest deal closed by a team specializing in helping charter schools acquire new locations Williams & FitzPatrick of Avison Young broker sale of 106,000 s/f office building in Malvern for Commonwealth Charter Academy

when COVID-19 struck,” Fitz- patrick said. “At CCA, stu- dents were already attending virtual classes, so they didn’t skip a beat.” The Avison Young team led by Williams and FitzPatrick has developed deep expertise in helping charter schools find new locations. Under Pennsylvania law, charter schools are funded with public dollars but are al- lowed to operate outside of the school districts that they serve. That gives them more flex- ibility in terms of locations and buildings, Williams said. Instead of constructing new facilities, charter schools often save money by acquiring build- ings and converting them for educational uses. “We are adept at helping charter schools find the build- ings that are the best suited for them and the easiest to convert for their needs,” Wil- liams said. MAREJ

PHILADELPHIA, PA — Avison Young has negoti- ated the sale of a 106,000 s/f building in Malvern to Com- monwealth Charter Academy (CCA), a top accredited public cyber charter school. The $15.3 million sale is the latest deal closed by the Avi- son Young team specializing in helping charter schools find and acquire buildings for new locations in Greater Philadel- phia. The team is led by Scott Williams , principal at Avison Young; and Ryan FitzPat - rick , vice president. “We’re proud to represent CCA, a premier charter school that continues to grow thanks to its outstanding success with students,” Williams said. “We worked hard to find CCA the ideal building for its new loca- tion, and this is certainly it.” The office building at 70 Valley Stream Parkway had been the former headquarters

70 Valley Stream Parkway

school now has 12 locations and serves more than 11,000 learners at no cost to families. CCA is one of a growing num- ber of charter schools serv- ing Greater Philadelphia. The number was already increasing

before COVID-19 hit; the pan- demic is helping to spur even more growth, FitzPatrick said. “Many of these schools were already set up for online learn- ing in many ways, so their students were still well-served

of Ricoh USA. The seller was Star 79VS Owner LLC. CCA, which provides person- alized educational programs and services to K-12 students, has a variety of uses planned for the building. The charter

Made with FlippingBook - Online catalogs