Stow Road Corporate Park in Marlton — Courtesy: NAI Mertz
By Joshua Burd
An investment firm has purchased a five-building, 160,000-square-foot industrial portfolio in Burlington County, under a deal arranged by NAI Mertz.
The buyer, a subsidiary of Philadelphia-based Velocity Venture Partners, paid an undisclosed price for the Stow Road Corporate Park along Route 73 in the Marlton section of Evesham. It now plans to rebrand the complex as Velocity Business Park and add more than 20 loading positions and drive-in doors to further enhance the functionality of each unit.
NAI Mertz Senior Vice President Jonathan Klear and Executive Vice President Fred Meyer brokered the transaction at 8, 9, 10, 12 and 14 East Stow Road.
“We have been chasing this portfolio for over a year now and our team is incredibly excited to wrap up the acquisition and get to work in renovating the complex,” said Tony Grelli, Velocity’s founding partner. “We have capitalized this acquisition with funds to renovate each suite into the highest-end flex product in the market — with top-of-the-line office finishes and warehouse enhancements including significant loading additions and epoxied floors.”
In a news release, NAI Mertz touted the site’s location just a few miles from Exit 4 of the New Jersey Turnpike. The firm said the portfolio includes hundreds of parking spaces, landscaped views and a professional setting for flex users of all types.
“Velocity has been rapidly increasing its industrial real estate footprint in the greater Philadelphia area and has quickly become a leader in southern New Jersey’s flex market,” Klear said. “We have been retained to market the available units at the complex and are thrilled to watch the site evolve through Velocity’s renovation campaign.”
Zach Moore, a Velocity co-founder, added: “This is an incredible addition to our southern New Jersey portfolio and we are excited to add additional market share along Exit 4. Thank you to Jon, Fred and the NAI Mertz team for helping us get this across the finish line.”
