Monday, December 21, 2020

King of Prussia flex building trades for more than $9M

by  Natalie Kostelni Reporter Philadelphia Business Journal

Velocity Venture Partners has paid $9.3 million for 780 Fifth Ave., a 97,000-square-foot flex building in King of Prussia.

The acquisition is one of a series that Velocity has made this year as it spent $150 million to double its industrial holdings in Pennsylvania and New Jersey. The company bought 2 million square feet across 21 buildings and now owns a portfolio totaling 4 million square feet.

Among its acquisitions this year was 771 Fifth Ave., a 30,300-square-foot building next door to its latest acquisition; a 667,019-square-foot industrial building at 2750 Morris Road in the Lansdale area; and several buildings in Pennsauken, New Jersey, including a 37,856-square-foot warehouse facility located at 2301 Haddonfield Road.

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