Sensing an opportunity with former retail assets, Velocity Venture Partners added to its portfolio by buying a 120,000-square-foot vacant space within a South Jersey shopping center and plans to convert it to industrial use.

Velocity paid $5.3 million for the rectangular box at 222 S. White Horse Pike in Stratford. Blue Bell-based Brandywine Financial Group is the seller of the building, which was previously a Bradlees department store that closed in 2000. The building has been vacant for more than 20 years and Velocity plans to convert it into an industrial warehouse for one or two tenants. 

Bala Cynwyd-based Velocity expects construction to cost $3 million and plans to have the space ready for a tenant by the early fall.

*Article courtesy of Philadelphia Business Journal

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