As tenants fled from the Richland Plaza shopping center in Quakertown, Velocity Venture Partners Founding Partner Zach Moore thought, “There’s got to be an opportunity here.”

At 90% vacant, Velocity acquired the 225,000-square-foot retail center for $16.7 million on Wednesday and plans to convert it into a multi-tenant industrial site. The entire project, combining the acquisition cost and construction costs would bring the project to $22 million, Moore said. He foresees a mix of warehouse distribution and specialty manufacturing tenants.

*Article courtesy of Philadelphia Business Journal

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