{"id":1004734316,"date":"2024-10-24T04:16:28","date_gmt":"2024-10-24T12:16:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004734316"},"modified":"2024-10-24T06:01:49","modified_gmt":"2024-10-24T14:01:49","slug":"venture-velocity-sells-older-industrial-property-for-59m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/venture-velocity-sells-older-industrial-property-for-59m\/","title":{"rendered":"Venture Velocity Sells Vintage Property for $59M"},"content":{"rendered":"\n<p>The latest and greatest Class A industrial properties command the spotlight these days, but once in a while a deal stands out for bucking that stereotype.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/6250-Baltimore-Ave.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"803\" height=\"610\" data-attachment-id=\"1004734332\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/venture-velocity-sells-older-industrial-property-for-59m\/6250-baltimore-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/6250-Baltimore-Ave.jpg\" data-orig-size=\"803,610\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"6250 Baltimore Ave.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Yeadon Industrial Center is located at 6250 Baltimore Ave. in Yeadon, Pa., near Philadelphia. Image courtesy of CommercialEdge &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/6250-Baltimore-Ave.jpg?w=803\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/6250-Baltimore-Ave.jpg\" alt=\"Yeadon Industrial Center is located at 6250 Baltimore Ave. in Yeadon, Pa., near Philadelphia.\" class=\"wp-image-1004734332\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/6250-Baltimore-Ave.jpg 803w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/6250-Baltimore-Ave.jpg?resize=300,228 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/6250-Baltimore-Ave.jpg?resize=768,583 768w\" sizes=\"auto, (max-width: 803px) 100vw, 803px\" \/><\/a><figcaption class=\"wp-element-caption\">Yeadon Industrial Center is located at 6250 Baltimore Ave. in Yeadon, Pa., near Philadelphia. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>An affiliate of Velocity Venture Partners, Bala Cynwyd, Pa., has sold a 450,000-square-foot industrial building in Yeadon, Pa., near Philadelphia, for $59 million. Newmark arranged both the sale to an undisclosed buyer and the acquisition financing.<\/p>\n\n\n\n<p>The Class C property at 6250 Baltimore Ave., known as Yeadon Industrial Center, was completed in 1955, according to CommercialEdge data. Nonetheless, the recently renovated property is 96 percent occupied, Newmark reported. A recent addition to the tenant roster, CommercialEdge indicates, was Peak Supply Chain Solutions, for about 80,000 square feet.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/commercialedge-industrial-report\/\">E-Commerce Growth Revives Industrial Market<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>6250 Baltimore Ave. is a small-bay infill industrial property in Delaware County, which Newmark reported is an in-demand Philadelphia submarket with high barriers to entry and close proximity to Philadelphia and southern New Jersey.<\/p>\n\n\n\n<p>The property has a 24-foot clear ceiling height, more than 80 loading docks, and a truck court depth of 125 feet with secure outdoor storage space and trailer parking on the 26.6-acre site.<\/p>\n\n\n\n<p>Newmark Managing Director Ryan Guittare led the sales team\u2019s efforts, and Executive Managing Director Jim Badolato and Associate Adam Rudman, of Newmark\u2019s Philadelphia-based Debt &amp; Structured Finance group, secured acquisition financing on behalf of the buyer. Newmark Analyst John Cook provided support on the transaction.<\/p>\n\n\n\n<p>Velocity focuses strictly on owning, acquiring and developing industrial properties, as well as conversions to industrial uses. The company currently owns and manages more than 8 million square feet of industrial space in the Greater Northeast.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-balancing-out\">Balancing out<\/h2>\n\n\n\n<p>The Greater Philadelphia industrial space market has seen a substantial recent decline in deliveries, to less than half of the quarterly average over the past two years, according to a Newmark report. Fortunately, this has coincided with a lull in demand, while sublease availability has begun to decrease, after rising for six straight quarters.<\/p>\n\n\n\n<p>According to Newmark Research, the industrial vacancy in Delaware County is just 5.6 percent, a good bit lower than the Greater Philadelphia average of 7.6 percent.<\/p>\n\n\n\n<p>In July, DH Property Holdings LLC, of New York, received a $53.8 million construction loan for its <a href=\"https:\/\/www.commercialsearch.com\/news\/dh-property-holdings-gets-54m-for-philly-industrial-project\/\">PhilaPort Logistics Center<\/a> from ACORE Capital, in a deal arranged by Walker &amp; Dunlop. The 282,250-square-foot last-mile warehouse and distribution center is under construction on a 15-acre site at 3060 S. 61st St. in Philadelphia. The project is scheduled to deliver in the third quarter of 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Newmark facilitated the sale and financing of the Philadelphia-area property.<\/p>\n","protected":false},"author":882,"featured_media":1004734332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,10,1494],"tags":[50999,50902],"class_list":["post-1004734316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-northeast","category-philadelphia","tag-newmark","tag-velocity-ventures"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Venture Velocity Sells Vintage Property for $59M - 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