By Joshua Burd
Velocity Venture Partners has sold a 20,000-square-foot industrial flex property in Cherry Hill, in a newly announced transaction by Binswanger.
According to the companies, H&K Properties purchased the multitenant property at 100 Larwin Road, which sits between Interstate 295 and the New Jersey Turnpike and is minutes from routes 70 and 38. Binswanger senior vice presidents Chris Pennington and Mike Torsiello represented Philadelphia-based Velocity in the deal.
“Velocity acquired this asset during the early innings of the COVID-19 pandemic and our team diligently worked to revitalize and stabilize the building with a variety of long-term tenants,” said Tony Grelli, the firm’s founding partner. “While this disposition is bittersweet, we are thrilled with the $140-per-square-foot sale price that Binswanger was able to help us achieve and look forward to acquiring additional market share with the proceeds from the sale. We could not be more excited for what the remainder of 2022 holds for Velocity as we continue to be the most aggressive industrial buyer in the greater Philadelphia marketplace.”
In a news release, Velocity said it has renovated nearly all of the units at 100 Larwin Road in order to attract new tenants to the complex. The upgrades included new office construction, updated HVAC and LED warehouse lighting and new restrooms.
The now-former owner also recently refreshed the parking lot and installed new tenant signage throughout the property.
