Local industrial developer Velocity Venture Partners has been on a buying spree of suburban office properties, with the goal of converting them to industrial uses.
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Velocity has purchased four such buildings in the Philly suburbs, the Philadelphia Business Journal reports. All are between two and four stories, and the company plans to make minimal changes to the exterior and remove the interior floors to create the clearance heights required by industrial tenants.
The properties, all in Pennsylvania, are as follows:
— 101-125 County Line Road in Warminster, 450K SF, purchased for $27.75M on Nov. 18.
— 355 Maple Ave. in Harleysville, 250K SF, purchased for $18.5M on Oct. 31.
— 483 Main St. in Harleysville, 100K SF, purchased for $3.15M on Aug. 19.
— 3701 Welsh Road in Willow Grove, 80K SF, purchased for $2.37M on Oct. 13.
PEOPLE
The Jenkintown-based, multifamily-focused Scully Co. has hired Dan Kelly as executive managing director. Kelly had been the director of real estate for Greystar's Northeast Division, with previous stops at regional heavyweights Buccini/Pollin Group and Bozzuto. Scully acquires, develops and manages multifamily properties for investment funds and in its own portfolio.
FINANCING
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Local developer Harrison Finberg has closed on $10M in financing from Citizens Bank for the redevelopment of the former Sykes Brothers Yarn Mill at 2545 North Hancock St. in West Kensington. Built in 1881, the 50K SF former mill is historically protected, allowing Finberg to access historic tax credits as part of the financing package.
As the sponsor of ownership entity Hancock Lofts LLC, Finberg plans to turn the building into 49 apartments and six artist studios. Interior cleanout work began this week upon securing project financing.
SALES
Oxford HD LLC, an ownership entity affiliated with an out-of-market developer, has sold the 30-unit Oxford Flats apartment complex it completed this year for $9.7M to an undisclosed buyer.
Scope Commercial Real Estate Services, which marketed the property on behalf of the seller and secured acquisition financing, described the buyer as an "out-of-state syndicate and property management company."
The buyer financed the acquisition with a $7.25M loan carrying a seven-year term and a fixed interest rate of 4.5%. The 31K SF property contains 3,239 SF of unoccupied ground-floor commercial space.
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