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Avison Young leases bring Velocity Innovation Park to 100% occupancy
October 24, 2022
Philadelphia, PA – Avison Young and Velocity Venture Partners, are pleased to announce five new leasing transactions at Velocity Innovation Park, an industrial complex comprised of two buildings totalling 48,000-square-feet (sf, located at 201-375 Pheasant Run, Newtown, Pennsylvania. The new leases bring the property from 40% to 100% occupancy. Velocity purchased the property in February of 2021, with the vision to transform the legacy industrial asset into a first-class destination for high-end industrial and technology tenants. Velocity Venture Partners was represented by Jim Scott, Principal, who is based in Avison Young’s Philadelphia office. The tenant roster includes a diverse but complimentary range of industries, including robotics, pharmaceutical, data analytics, medical device, industrial software development, and industrial manufacturing equipment sales. “Velocity acquired this complex to bring desperately needed high-end industrial space to the Newtown market,” said Tony Grelli, Founding Partner of Velocity. “Our renovation campaign focused on both aesthetics and functionality, with an eye towards attracting best-in-class tenants across various high-tech industries. Thank you to Avison Young for helping bring this vision to life.” Despite the turbulence and uncertainties arising from the pandemic, Velocity was successful in executing all aspects of a capital improvement and redevelopment plan. Significant updates include modernizing the façade of the complex, new roof installation, landscaping, high-efficiency HVAC systems, and extensively rehabilitating the vacant units to attract top-tier tenants and their talent. “The Velocity team never wavered from their commitment and vision to the project and made the necessary investments to add tremendous value and breathe life into this strategically located asset,” said Scott.
About Velocity Venture Partners
Velocity Venture Partners is a leading developer of industrial real estate throughout New Jersey and Pennsylvania and one of the largest owners of industrial space in Bucks County. The firm devotes its time exclusively to distribution, fulfilment and manufacturing style assets that are located close to densely populated suburban corridors and major transportation arteries. Velocity currently owns and operates over 6 million square feet of industrial space throughout the region - a portfolio comprising 300 tenants and 70 properties. Velocity was founded by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore. Learn more at www.velocityinv.com About Avison Young Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.