Newtown, PA Technology Center to Undergo Significant Improvements
February 9, 2021 [Newtown, PA] – Colliers is pleased to announce the $5,550,000 sale of the multi-tenant Light Industrial portfolio in Newtown Pennsylvania to Velocity Venture Partners.
The two buildings, located at 201-375 Pheasant Run in Newtown and totaling 48,000 square feet, are presently home to five of Light Industrial, Pharmaceutical and Technology companies. The property offers expansive parking, tailgate and drive-in loading, warehouse, office, and finished lab space.
Velocity will immediately commence a capital improvement campaign to improve the exterior aesthetics, demolish excess office areas and turn existing vacancies into multiple tenant-ready units of 5,000 – 20,000 square feet suitable for light industrial, pharma and technology-oriented occupiers. “We are excited to welcome five new tenants to the Velocity family, and to inherit a handful of vacancies that can efficiently accommodate distribution or lab-style users given their current fit-out configurations”, said Tony Grelli, Velocity’s Founding Partner.
Immediate availabilities include a 10,000 square foot flex unit and a turn-key 5,000 square foot lab unit with supporting executive offices. “It’s been great to partner with the Colliers team on another successful acquisition, and we look forward to working with Jim to quickly lease up the availabilities”, per Zach Moore, Grelli’s Partner.
Jim Scott, a Senior Managing Director with Colliers International represented the Seller in the transaction. This was a great opportunity for the buyer to secure a quality asset in a well establish infill submarket. Occupiers are drawn to this submarket by the excellent highway access, access to highly skilled labor, and first class amenities within the park including a Hilton-branded Hotel, the 22 acre / 250,000 SF NAC athletic club, Newtown Brewing Company, Francesco’s restaurant, and proximity to Newtown Borough less than 2 miles away.
For further information, contact:
Jim Scott, Senior Managing Director | +1 215 932 1157 | firstname.lastname@example.org
View this press release online at: https://www.colliers.com/en/News/Philadelphia/Colliers-Jim-Scott-Sells-48000-SF-Technology-Center-to-Velocity-Ventures
About Velocity Venture Partners
Velocity is a Philadelphia-based developer of industrial and flex properties. The firm was founded in 2017 by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore and currently owns and manages over four million SF in Southern New Jersey and Southeastern Pennsylvania. Velocity raises acquisition capital from institutional and high-net-worth investors as well as family offices throughout the United States. For more information or to contact the team, please visit www.velocityinv.com
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide
expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.