NAI Mertz, a commercial real estate firm based in Mount Laurel, announced on Tuesday it has completed the sale of a five-building, 63,000-square-foot industrial complex at 16 Medford-Evesboro Road in Medford.
NAI Mertz’ Jonathan Klear, senior vice president, represented the seller, Medford Industrial Park, which is also a tenant at the complex and plans to lease-back and remain in its current space. An affiliate of Velocity Ventures was the buyer.
“I am pleased to have completed the sale of this quality property,” Klear said. “We were able to attract several interested buyers in part due to the ideal location of the property just off routes 70 and 73, as well as the loyalty and long-term leases of its local and regional occupants.”
The industrial park is situated on 9.76 acres and has five buildings and ten tenant suites. The portfolio serves as a headquarters for a number of tenants. It is currently fully occupied, but a 7,200-square-foot space being marketed by NAI Mertz will be available to rent soon.
“This was a complex transaction as we signed up the deal right at the start of the COVID-19 pandemic. Jon and the NAI Mertz team were incredibly helpful in overcoming the many pandemic-related hurdles that arose, and we look forward to working with them to further stabilize the complex,” Tony Grelli, founding partner, Velocity, said.