443 Commerce Lane in West Berlin — Courtesy: Colliers International
By Joshua Burd
An investment firm has added to its portfolio of industrial buildings in southern New Jersey, acquiring a 16,000-square-foot warehouse in eastern Camden County.
Brokers with Colliers International joined the buyer, Velocity Venture Partners, in announcing the transaction at 443 Commerce Lane in West Berlin. The real estate services firm is now marketing 6,400 square feet of vacant space at the site, touting a location off Route 73.
Colliers’ Ian Richman and Marc Isdaner are leading the assignment after completing the sale.
“We are excited to bring another availability to market with the Colliers team,” Tony Grelli, founding partner of Velocity, said Tuesday. “Renovations on the 6,400-square-foot availability, which offers two drive-in doors, are commencing today. Coupled with our neighboring property, 436 Commerce Lane, we have the ability to immediately accommodate users in this market with requirements ranging from 3,000 to 22,000 square feet.
Thank you to Ian and Marc for another seamless transaction and we look forward to getting to work.”
Velocity completed its acquisition of 436 Commerce, a 48,000-square-foot multitenant building, in October. Its other recent purchases in South Jersey include 6901 North Crescent Blvd. in Pennsauken, a vacant 62,250-square-foot warehouse and manufacturing facility.
“The acquisition of 6901 North Crescent Blvd. complements our existing Pennsauken portfolio, which will soon eclipse 1 million square feet,” said Zach Moore, a partner at the Philadelphia-based firm. “Our team will kick off a full white box renovation of this building immediately — which includes a tear off and replacement of the roof, parking lot repaving, replacement of the existing building-wide window line and interior modernization.”
