8600 River Road in Pennsauken — Courtesy: Binswanger Commercial Real Estate Services
By Joshua Burd
The owner of a 355,000-square-foot industrial building in Pennsauken has added to its tenant roster, inking a 120,000-square-foot lease with an e-commerce fulfillment business.
Binswanger Commercial Real Estate Services represented Velocity Venture Partners, the landlord at 8600 River Road, in securing the lease with Utopia Fulfillment. The deal follows Velocity Venture’s acquisition late last year and subsequent renovation of what it now calls the Pennsauken Logistics Center.
The tenant will use the space for distribution and e-commerce fulfillment of its home goods product lines.
“Velocity focuses on identifying infill industrial assets that provide tenants with efficient access to customers throughout the Northeast,” said Tony Grelli, founding partner of Velocity Venture Partners. “Many of these assets are repositioned to fill the needs of today’s e-commerce and distribution-based companies, which was exactly our game plan behind the Pennsauken Logistics Center. We are excited to welcome Utopia to the Velocity family and believe that this lease signing illustrates the value proposition of the complex to distribution-style users.”
Binswanger Vice President Mike Torsiello and Senior Vice President and Partner Chris Pennington represented ownership at the property, which still has 235,000 square feet available for lease. NAI Mertz represented Utopia Fulfillment.
In a news release, Binswanger touted the building’s location within the Pennsauken Industrial Park and its proximity to the Betsy Ross Bridge, Interstate 95 and the Tacony-Palmyra Bridge. The industrial park is also close to routes 73 and 130, Interstate 295 and the New Jersey Turnpike and a quarter-mile from NJ Transit light rail service.
Velocity Venture Partners is nearing completion of its improvements at the property, including a white boxed interior, roof replacement, new LED lighting, repaving the parking lot, exterior painting and loading dock upgrades, according to a news release. Building features include ceiling height ranging from 20- to 35-foot clear, 28 tailgate loading docks with four drive-in doors and more than three acres of dedicated trailer and vehicle storage.
“This area has proven to be among the most competitive industrial markets in the region so we’re certain Velocity will have no trouble securing an additional tenant — or several — very soon,” Pennington said. “There’s no question this will prove to be a worthwhile endeavor for Velocity and we’re happy to be a part of it.”