Fast-growing Velocity Venture Partners has purchased the 468,000-square-foot Yeadon Industrial Center in Delaware County for $41.75 million.
Velocity plans to spend an additional $8 million on capital improvements to upgrade the complex and raise rents to market rates, co-founder Zach Moore said.
“It’s not very often we get the opportunity to buy a building of that size,” Moore said. “When we do, we get excited by it.”
The Bala Cynwyd company already owns more than 8 million square feet of industrial and flex space across 80 buildings in New Jersey and Pennsylvania. The company specializes in buying industrial properties, renovating them and elevating their value. The Delaware County building is the fifth acquisition for the company since late August, in a buying spree that also includes properties in Montgomery and Bucks counties. The deals total $93.5 million.
*Article courtesy of Philadelphia Business Journal
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