1208 Columbus Road in Burlington Township — Courtesy: Velocity Venture Partners
By Joshua Burd
An investment group has purchased a 75,000-square-foot industrial building off Route 130, with plans to “explore expansion opportunities” at the Burlington Township property.
The Philadelphia-based buyer, Velocity Venture Partners, said it paid $4.65 million in the deal with M&V Associates. The complex at 1208 Columbus Road is fully occupied by a mix of industrial tenants, the firm said, adding that Pat Harber of Patterson Realty Advisors brokered the transaction.
“Velocity was attracted to this quality infill industrial opportunity due to the site’s location and functionality,” said Tony Grelli, Velocity’s founding partner. “Situated right off of Route 130 between the Burlington-Bristol and Delaware River-Turnpike Bridges, the complex provides easy and efficient access to the major arteries serving our region. We plan to explore expansion opportunities created through prior approvals to unlock additional value at the site.”
The deal adds to Velocity’s fast-growing portfolio in southern New Jersey, which includes a large footprint in Pennsauken and a recently acquired, 160,000-square-foot flex industrial park in the Marlton section of Evesham. The firm has built much of that portfolio in just the last two years.
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