NAI Mertz’s Scott Mertz and John Adderly Close Sale of 97,000-SF Class A Flex Building in King of Prussia, PA to Velocity Venture Partners

NAI Mertz, a leading full-service commercial real estate firm conducting business throughout the United States, and globally, from its regional offices in New Jersey, greater Philadelphia and northeastern Pennsylvania, announced the team of Scott Mertz, SIOR, President, and John Adderly, Executive Vice President, recently closed the sale of a 97,000-square-foot Class A flex building located at 780 Fifth Avenue in King of Prussia, PA. The team represented the seller, Fifth Avenue KOP, LP, an affiliate of Rudner Real Estate and arranged the sale to the buyer, an affiliate of Velocity Venture Partners, in this transaction. The building was 89 percent leased at the time of the sale. The sale price was $9,300,000.

“We are pleased to have completed the sale of this property, especially in the midst of a pandemic” stated Adderly. “Velocity has been very active in purchasing investment properties in the greater Philadelphia region.  780 Fifth Avenue represents Velocity’s second investment in this highly desirable King of Prussia business park.  The multitenant nature of the 780 Fifth Avenue is a perfect addition to their current investment in the submarket.  We wish Tony, Zach and the whole team at Velocity much success with this Property” he added.

Situated in King of Prussia Park, 780 Fifth Avenue is equipped with six drive-ins, seven external loading docks, one elevator, and extraordinary loading and parking. Warehouse ceiling heights range from 14 to 20 feet.  SEPTA public transportation is within walking distance and highways including Routes 23, 202, 363, 422 and Interstates 76, 276 and 476 are all easily accessible from the property.

“This acquisition adds an incredibly well-located asset to our existing 2.5 million square-foot Montgomery County Portfolio, and we are excited to welcome 10 new tenants to the Velocity Family,” per Velocity Founding Partner Tony Grelli.  “We plan to whitebox the existing flex vacancies by the end of December and believe that we will reach full occupancy within the first few quarters of 2021.”

“King of Prussia has taken off like a rocket over the past decade and has increasingly become an important hub for distributors and service based companies alike.  We purchased a neighboring asset, 771 5th Avenue, in January of this year and we will continue to focus on similar properties as we expand our presence in the submarket,” said Velocity’s Co-founder, Zach Moore.

King of Prussia Park is close to the newly expanded King of Prussia Mall, King of Prussia Town Center and the New Valley Forge Casino Resort. Corporate neighbors include Amazon.com, FedEx, Renewal by Anderson and Lilly Pulitzer. Additionally, local amenities include many hotel, dining, shopping banking options as well as an upcoming Topgolf development.

“It was a pleasure to once again work with Rudner Real Estate in the sale of its property,” stated Mertz. “We have represented the company in the past, including 3 portfolio sales in the past 12 months, so it was nice to work with the team again and help them to meet their business objectives,” he added.

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About NAI Mertz

Founded in 1980, NAI Mertz is a leading full-service commercial real estate firm conducting business throughout the United States, and globally, from its regional offices in New Jersey, greater Philadelphia and northeastern Pennsylvania. The company provides expert services in brokerage, leasing, sales, investments, property management, site selection and construction management in the industrial, office and retail sectors.  NAI Mertz’s clients include Fortune 500 companies, financial institutions, private investors, large public corporations and small businesses. Its partnership with NAI Global, a top 5 commercial real estate brand, enables the firm to provide large-scale global real estate services. NAI Mertz has been recognized as Office of the Year for NAI Global selected from a pool of 375 NAI offices.  NAI Global comprises more than 6,000 commercial real estate professionals and manages over 1.15 billion square feet of space.

For more information on NAI Mertz, visit its web site at www.naimertz.com, or 800.520.7139.

About Velocity Venture Partners

Velocity is a Philadelphia-based developer of industrial and flex properties. The firm was founded in 2017 by Gloucester County-native Tony Grelli and Montgomery County-native Zach Moore and currently owns and manages over four million SF in Southern New Jersey and Southeastern Pennsylvania. Velocity raises acquisition capital from institutional and high-net-worth investors as well as family offices throughout the United States. For more information or to contact the team, please visit www.velocityinv.com