Velocity Venture Partners on Tuesday announced three long-term flex-industrial leases totaling 40,000 square feet at Velocity Business Park in Marlton.
NAI Mertz’s team of Jonathan Klear, Andrew Johnson and Jason Simkins acted as the sole broker in the sale of this business park to Velocity Venture Partners in the fourth quarter of 2021 and was retained to continue serving as the exclusive leasing broker.
The three leases recently completed include:
- Lauda-Brinkmann, which leased a 20,000-square-foot unit for 15 years. The multinational temperature control technology firm based out of Germany plans to redesign the unit as a 50/50 split between warehouse and office space. The warehouse portion of the unit will be served by two new loading docks.
- WestRock, a publicly traded business on the New York Stock Exchange that boasts over $18 billion in annual revenue, leased a 15,000-square-foot flex unit.
- Schmid Dewland Associates, a food service equipment distributor, leased a 5,000-square-foot unit. This unit will soon become Schmid’s headquarters and will feature roughly 50/50 office/warehouse footprint, with the warehouse portion hosting a demo kitchen for its customers.
The complex comprises five, single-story flex-industrial buildings totaling 160,000 square feet. Conveniently located off Route 73 and just a few miles from Exit 4 of the New Jersey Turnpike, the site offers plenty of size options for units that include loading docks, grade level drive-ins, varying ceiling heights and office space with high-end finishes for flex users of all types.
“These three lease deals illustrate the strong demand for flex-industrial space within South Jersey and the appeal of this well-located complex to a wide variety of multinational companies. We have invested a few million dollars to reposition this five-building portfolio into some of the nicest flex-industrial products in the market. I am thrilled with our progress here just a few months post-acquisition and look forward to working with the NAI Mertz team to finalize our leasing in the remaining 3,000 to 15,000 square foot units,” Velocity Founding Partner Tony Grelli said.
Velocity commenced renovations the day after closing on the portfolio, which include parking lot sealing and striping, signage upgrades and exterior painting in addition to the fit out for each of these new tenants. Spring 2022 renovations include a full landscaping revamp of the complex.
“This is a highly desirable business park with an incredible location just off of Highway 73 and Exit 4 of the New Jersey Turnpike,” Klear stated. “Velocity Business Park offers a multitude of amenities for its flex tenants, including a well-manicured corporate environment, plenty of dining and retail establishments nearby, and a hands-on management team with a significant local presence. These businesses add to the amazing tenant mix at Velocity Business Park, and we look forward to continuing to lease up the remaining space within the complex.”