16 Medford-Evesboro Road in Medford — Courtesy: NAI Mertz
(Editor’s note: This story has been updated with additional information and quotes from NAI Mertz, which represented the seller, and Velocity Venture Partners.)
By Joshua Burd
An investment firm has completed its acquisition of a five-building, 64,000-square-foot industrial park in Burlington County.
The buyer, Velocity Venture Partners, announced Tuesday that it has closed on the Medford Industrial Park for an undisclosed price. Located at 16 Medford-Evesboro Road, the fully leased portfolio is just north of Route 70 and about 15 minutes from the New Jersey Turnpike and Interstate 295.
NAI Mertz Senior Vice President Jonathan Klear represented the seller, Medford Industrial Park, which also is a tenant in the complex and plans to lease back its current space.
“I am pleased to have completed the sale of this quality property,” Klear said. “We were able to attract several interested buyers in part due to the ideal location of the property just off Routes 70 and 73, as well as the loyalty and long-term leases of its local and regional occupants.”
Sitting on 9.76 acres, Medford Industrial Park was originally built in the 1970s and has since expanded with the addition of new buildings, Mertz said. The portfolio serves as headquarters for a host of tenants, many of which have been located at the site since the early 1990s.
“This was a complex transaction as we signed up the deal right at the start of the COVID-19 pandemic,” said Tony Grelli, Velocity’s founding partner. “Jon and the NAI Mertz team were incredibly helpful in overcoming the many pandemic-related hurdles that arose, and we look forward to working with them to further stabilize the complex.”
The deal comes three weeks after Velocity, which is based in Philadelphia, acquired a 20,000-square-foot flex building in Cherry Hill. The firm paid $1.075 million for the property at 100 Larwin Road, as part of a sale-leaseback with Scientific Search.
The building is also home to five other tenants.