Automotive Leader Cardone Industries Occupies the 470,849 SF Facility in Northeast Philadelphia.
PHILADELPHIA, PA May 6, 2022 – Colliers announces the $22.25 million investment sale of 5660-70 Rising Sun Avenue and 400 Adams Avenue, located right off of Route 1 in the Northeast section of Philadelphia. The team of Larry Bergen and Carl Neilson successfully conveyed this prime 470,849 square foot single-tenanted urban industrial property situated on 16 +/- acres to the prominent regional development group Velocity Venture Partners.
Cardone Industries fully occupies the facility and will continue its long-standing operations at the site under Velocity’s ownership. An automotive leader in aftermarket engineering and innovation and a global leader in environmental sustainability, Cardone is also a leading private employer of the Philadelphia region. Cardone Industries also occupies 1.3+/- million square feet nearby at 5501 Whitaker Avenue, the home of its Headquarters and Northeast Distribution Center.
“We are pleased to have secured this investment opportunity and thank the Colliers team for helping us source this acquisition and bring it home. This asset features incredible infrastructure and functionality, including 13,200 AMP three phase power service, 30 dock positions across multiple loading courts and nearly 500 parking spaces within secured fenced lots. We are excited to begin our relationship with Cardone and have plans in place to further modernize the complex with aesthetic upgrades and the installation of additional loading access, which will allow us to transition the building into a multi-tenanted site if needed down the line,” stated Tony Grelli of Velocity Venture Partners.
“Located within the city limits, this asset truly defines functional infill industrial, and uniquely at scale. We are thrilled to add this strategic asset to our portfolio and to grow the Velocity Family in the City of Philadelphia,” said Zach Moore, Grelli’s Partner at Velocity.
“Record low vacancy and strong demand in our regional industrial market created an environment of significant interest and swift action for this stand-out opportunity,” shared Larry Bergen of Colliers. “A quality in-place tenancy and all the fundamentals that have served a regional leading occupier like Cardone Industries so well, such as exceptional road access, labor and accessibility to public transportation, factored into the value attributed to this sale.”
For more information, contact:
Larry Bergen, Senior Managing Director/Principal
+1 215 928 7528 email@example.com
Carl Neilson, Senior Vice President
+1 610 684 1856 firstname.lastname@example.org
About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About Velocity Venture Partners
Velocity Venture Partners is a leading developer of industrial real estate throughout New Jersey and Pennsylvania. The firm devotes its time exclusively to distribution, fulfillment and manufacturing style assets that are located close to densely populated suburban corridors and major transportation arteries. Velocity currently owns and operates over 6 million square feet of industrial space throughout the region - a portfolio comprising 300 tenants and 70 properties. Velocity was founded by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore. Learn more at www.velocityinv.com