Velocity Venture Partners has paid $14.25 million for Stow Road Corporate Park in Marlton, growing its South Jersey presence to nearly 2 million square feet.
The property comprises five, single-story flex buildings totaling 160,000 square feet at 8, 9, 10, 12 and 14 Stow Road. Ellington Management Group was the seller. Jonathan Klear and Fred Meyer of NAI Mertz arranged the transaction. Velocity had looked at the Stow Road complex during the summer of 2020 as an off-market acquisition but a deal couldn’t be worked out until now.
Velocity plans to invest between $2 million and $3 million in upgrades to the buildings and rebrand it as Velocity Business Park. The addition of 20 extra loading areas, evenly splitting the space between office and flex, and replacing the roofs are among the improvements that will be made.
*Article courtesy of Philadelphia Business Journal
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