JLL announced Sept. 28 that Velocity Ventures Partners, a Philadelphia-based investment firm, is the new owner of Rockhill Industrial Center.
Located directly off Interstate 295 at 1722 Marlton Pike in Cherry Hill, the eight-building portfolio consists of 97,000 square feet of 100% occupied flex industrial space, offering unit sizes ranging from 2,000 square feet to 20,000 square feet.
JLL Executive Vice President Chris Henderson represented the buyer in the transaction. Terms of the deal were not disclosed.
“This infill flex portfolio is one of the most well-located flex parks in the entire Camden County market. We are thrilled to add these eight buildings to our existing Cherry Hill portfolio as we continue to grow into the most active industrial flex buyer in Southern New Jersey,” said Velocity Venture Founding Partner Tony Grelli. “Our team is excited to commence a significant exterior renovation campaign in the coming quarters, which will further enhance the functionality and aesthetics of each building.”
Strategically located on Route 70, and just a few hundred yards from Exit 34 of Interstate 295, the portfolio offers easy and efficient access to nearly all the arteries serving the Northeast region.
Zach Moore, Grelli’s partner, added, “We acquired this complex 100% occupied across 16 units, which illustrates the incredible demand for optimally located small-bay industrial units in South Jersey. The functionality of these buildings, coupled with their location at the crossroads of Route 70 and I-295, will continue to drive high occupancy at the complex.”