Velocity Venture Partners is redeveloping the former Cardone Industries complex in Northeast Philadelphia, with leases already in place for 40% of the industrial space.

The Bala Cynwyd-based firm purchased the 470,000-square-foot site at 5660 Rising Sun Ave. in 2022 for $22.3 million from a Cardone-affiliated entity. Cardone, a longtime major employer in the area, occupied two buildings on the property. After being acquired by Michigan-based First Brands Group in June 2023, the company initiated layoffs and began removing equipment. Following months of unpaid rent, Velocity secured a court order in February 2024 to fully reclaim the property.

Since taking over, Velocity has cleaned, repainted, and upgraded lighting across the complex. Plans call for demolishing 50,000 square feet of office space to reduce the total to 420,000 square feet and expand parking. Renovation costs are estimated between $4 million and $5 million.

*Article courtesy of Philadelphia Business Journal

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