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Velocity Venture Partners has acquired the Oldies.com building for $7.85 million with plans to market it to tenants seeking high-visibility industrial space.
The 56,000-square-foot West Conshohocken landmark at 60 Portland Road is located on 3 acres directly west of I-476. More than 115,000 vehicles pass by daily on that section of the Blue Route, making it one of the most visible buildings in the Philadelphia area.
Oldies.com put the property on the market almost a year ago after deciding it only needed about 5,000 to 10,000 square feet for its inventory of vinyl records, CDs, DVDs and other collectibles.
Constructed in 1988 by printing company Archibald Allan Associates Inc., the building is zoned heavy industrial. It has both warehouse and office space suitable for distribution, manufacturing or production. The building can accommodate one or two tenants taking between 20,000 square feet and the entire 56,000 square feet, according to Velocity.
“This site checks the boxes of very few competitive assets [in the Philadelphia market],” Velocity founding partner Zach Moore said in a statement. “With its functional features, and arguably the best location in the marketplace, the execution becomes simple for our team. We believe that the cherry on top, the signage opportunity, will bring an abundance of users to the table across many industries.”
Bala Cynwyd-based Velocity Venture Partners owns and operates more than 8 million square feet of industrial space throughout the Northeast.
The Greater Philadelphia industrial real estate market remains red hot. In the fourth quarter of 2022, industrial properties in the Philadelphia area had a vacancy rate of 3.9%, according to a report from Newmark. The vacancy rate increased from 3.5% in the third quarter of last year, but was lower than the 4.8% from a year prior.
The average asking rent of industrial properties was $8.27 per square foot, an increase from $7.94 the prior quarter and $7.66 in the fourth quarter of 2021.
Newmark broker Justin Bell represented Oldies.com in the sale.
