By Paul Schwedelson – Reporter, Philadelphia Business Journal
Velocity Venture Partners has sold one of the largest industrial buildings in Delaware County for $59 million, an increase of 41% from when the firm bought it two years ago.
The 468,000-square-foot warehouse at 6250 Baltimore Ave. in Yeadon was acquired by New York-based Lightstone Group, said Newmark’s Ryan Guittare, the listing agent in the sale that closed Monday. The deal is Lightstone Group's first in the Philadelphia area.
The price breaks down to $126 per square foot. The warehouse is just over the border from Philadelphia.
The property’s value increasing $17 million from the $41.75 million in paid two years ago speaks to the strength of Philadelphia’s industrial market, Velocity Founding Partner Zach Moore said. Bala Cynwyd-based Velocity spent $4 million renovating the roof, parking lot, exterior facade and other areas with significant deferred maintenance. The firm also signed about 200,000 square feet of new leases, adding to the building’s value.
“It’s obviously a great outcome for us from a sales perspective, number one,” Moore said. “But number two, I think it really shows we did a good job of identifying that infill marketplace is well in demand.”
Full story: https://tinyurl.com/tbkh9a3f
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