BENSALEM, PENNSYLVANIA March 7, 2023 – Colliers is pleased to announce the completed sale of the 94,280 square foot net leased industrial facility at 2260 State Road in Bensalem, Pennsylvania. Carl Neilson and Andrew McGhee of Colliers both represented the seller and procured the buyer, Velocity Venture Partners. ATC 2260, LLC sold the property at an undisclosed price.
2260 State Road is a 20’ clear height industrial warehouse and light assembly property. The building has 3 docks and 3 drive-in doors, with ample room for expansion. The property is easily accessible from many major highways and sits right off of Interstate 95.
The site is occupied by ProCorr Display & Packaging - a manufacturer of corrugated boxes and other packaging materials. An 8,000 square foot office unit will shortly be available for lease and can accommodate a single user or multiple.
“2260 State Road represents Velocity’s second acquisition in Bensalem Township and we are thrilled to add the site to our Bucks County Portfolio. I am proud of our team’s ability to successfully navigate today’s choppy capital markets to get this one closed. We are very bullish on industrial real estate throughout the Northeast and remain hungry for new acquisitions, despite rising interest rates and the doom and gloom that you hear in the news,” stated Velocity Founding Partner Tony Grelli.
For more information, contact:
Carl Neilson Senior Vice President
+ 1 620 684 1856 carl.neilson@colliers.com
Andrew McGhee, Senior Vice President
+ 1 610 684 1858 andrew.mcghee@colliers.com
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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 the Northeastern Region of the United States and one of the largest owners of industrial space in the region. The firm devotes its time exclusively to warehouse, flex & conversion-oriented (office/lab/retail to industrial) assets that are located close to densely populated suburban corridors and major transportation arteries. Velocity currently owns and operates over 8 million square feet of industrial space throughout the region - a portfolio comprising 350 tenants and 80 properties. Velocity was founded by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore. Learn more at www.velocityinv.com
