A corporate park made up of five flex/industrial buildings in Marlton has been sold, according to real estate firm NAI Mertz.
Stow Road Corporate Park, which totals 160,000 square feet, was sold by an undisclosed party to a subsidiary of Velocity Venture Partners, a Philadelphia-based real estate firm. NAI Mertz was the sole broker on the transaction, with Jonathan Klear, senior vice president, and Fred Meyer, executive vice president, handling the assignment.
“Velocity has been rapidly increasing its industrial real estate footprint in the greater Philadelphia area, and has quickly become a leader in southern New Jersey’s flex market,” Klear said in a prepared statement. “We have been retained to market the available units at the complex and are thrilled to watch the site evolve through Velocity’s renovation campaign.”
Financial terms of the transaction were not disclosed.
The complex will be renamed Velocity Business Park, and new ownership plans upgrades including loading positions and drive-in doors. Leasing availability ranges from 3,000 to 15,000 square feet, NAI Mertz noted.
