The Huntingdon Glen Business Campus on County Line Road in Upper Moreland, Pennsylvania — Courtesy: NAI Mertz
By Joshua Burd
An investment group has added to its fast-growing portfolio in the region with its purchase of a five-building, 180,000-square-foot flex industrial park about 20 miles outside New Jersey.
Mount Laurel-based NAI Mertz, which brokered the deal, said Velocity Venture Partners paid an undisclosed sum for the Huntingdon Glen Business Campus on County Line Road in Upper Moreland, Pennsylvania. The complex is 98 percent leased and home to 38 tenants, the brokerage team said, citing its location at the intersection of Northeast Philadelphia, eastern Montgomery County and Lower Bucks County.
NAI Mertz Senior Vice President Jeff Licht and Senior Associate Jared Licht, who are based in the firm’s Bucks County office, completed the trade of the 16.84 campus.
“I completed my first lease in 1989 with Eddie Dudlik and my prospect Craftmatic Bedding,” Jeff Licht said, referring to the builder of the park. “Ed was such a nice guy that he invited me to his house for a barbeque to celebrate the lease and just hang out informally with his team. He made quite an impression on me as a young man. Unfortunately, Ed passed too young but his family and trusted staff maintained the campus to perfection.”
NAI Mertz noted that buildings at the site range from a single-tenant, 8,000-square-foot property to a series of 30,000- to 64,000-square-foot flex industrial facilities. All buildings feature 16- to 26-foot ceiling heights and drive-in and tailgate loading.
Velocity has tapped Mertz as its leasing team at the site.
“We are thrilled to land another deal in this submarket with our friends at NAI Mertz and we are confident that this portfolio will be an incredible addition to Velocity’s presence in the Huntingdon Valley marketplace,” said Zach Moore, a founding partner with the firm.
With the acquisition, Velocity has grown its overall industrial portfolio to more than 6 million square feet and over 300 tenants.
“Huntingdon Glen is another example of Velocity’s ability to parachute into local markets and quickly aggregate significant market share in an off-market approach,” said Tony Grelli, also a founding partner. “This acquisition represents our twelfth building purchase in Huntingdon Valley in the past two years, where we now partner with over 60 tenants. We are excited to continue to grow our relationship with Jeff and Jared Licht on this deal.”
