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Deals & Dealmakers

Avison Young leases bring Velocity Innovation Park to 100% occupancy

Avison Young and Velocity Venture Partners, are pleased to announce five new leasing transactions at Velocity Innovation Park, an industrial complex comprised of two buildings totalling 48,000-square-feet (sf, located at 201-375 Pheasant Run, Newtown, Pennsylvania.  The new leases bring the property from 40% to 100% occupancy. Velocity purchased the property in February of 2021, with the vision to transform the legacy industrial asset into a first-class destination for high-end industrial and technology tenants. 

Velocity Venture Partners was represented by Jim Scott, Principal, who is based in Avison Young’s Philadelphia office. The tenant roster includes a diverse but complimentary range of industries, including robotics, pharmaceutical, data analytics, medical device, industrial software development, and industrial manufacturing equipment sales.  

“Velocity acquired this complex to bring desperately needed high-end industrial space to the Newtown market,” said Tony Grelli, Founding Partner of Velocity. “Our renovation campaign focused on both aesthetics and functionality, with an eye towards attracting best-in-class tenants across various high-tech industries.  Thank you to Avison Young for helping bring this vision to life.”

Despite the turbulence and uncertainties arising from the pandemic, Velocity was successful in executing all aspects of a capital improvement and redevelopment plan.  Significant updates include modernizing the façade of the complex, new roof installation, landscaping, high-efficiency HVAC systems, and extensively rehabilitating the vacant units to attract top-tier tenants and their talent. 
 “The Velocity team never wavered from their commitment and vision to the project and made the necessary investments to add tremendous value and breathe life into this strategically located asset,” said Scott.

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