Bala Cynwyd-based Velocity Venture Partners has announced its acquisition of the building with the Oldies.com sign facing the Blue Route that is located at 60 Portland Road in West Conshohocken. The building is 56,000 square feet and features fully climate controlled 28’ 6” clear warehouse space, high-end executive office space, and a high-density sprinkler system.
The purchase adds to Velocity’s portfolio of eight million square feet of industrial space spanning over 100 buildings throughout the Northeast. This is Velocity’s second acquisition in the Conshohocken submarket. In January, the company purchased 241 East Elm Street in Conshohocken.
According to the announcement, Velocity acquired the West Conshohocken property with the intention of “marketing the site for lease to users with a need for highly functional Class-A industrial space with unmatched visibility, ” and the belief “that this site provides an excellent opportunity not only for distribution-style users, but also high-end manufacturing, production or product development oriented companies.”
“When you look at the Velocity portfolio, and the broader industrial market in our region, this site checks the boxes of very few competitive assets. With its functional features, and arguably the best location in the marketplace, the execution becomes simple for our team. We believe that the cherry on top, the signage opportunity, will bring an abundance of users to the table across many industries,” shared
Velocity founding partner Zach Moore.
Moore’s co-founder, Tony Grelli, added that “60 Portland is quintessential last mile industrial, and we are thrilled to add this as a long term asset to the Velocity Portfolio. Thank you to Justin Bell from the Newmark team for bringing us this opportunity and congratulations to the sellers of the property.”
The building is available immediately for one to two users with unit sizes ranging from 20,000 to 56,000 square feet.