The Yeadon Industrial Center at 6250 Baltimore Ave. has been sold for $41.75 million to Velocity Venture Partners, writes Paul Schwedelson for Philadelphia Business Journal.

The fast-growing Bala Cynwyd company plans to spend another $8 million on capital improvements, including a new roof, parking lot and exterior façade, painting, and upgraded building utilities.

With an upgraded complex, Velocity Venture can raise the rents at the 468,000-square-foot site to market rates, according to co-founder Zach Moore.

 “It’s not very often we get the opportunity to buy a building of that size,” Moore said. “When we do, we get excited by it.”

The Bala Cynwyd company now owns 8 million square feet of industrial and flex space among 80 buildings in Pennsylvania and New Jersey, including in Montgomery and Bucks Counties.

“Delaware County as a whole is one of the highest-performing institutionalized industrial markets in our geography over the past several years,” Moore said.

The complex was family-owned for 20 years, built in 1955. It is now 82 percent occupied by 17 tenants made up of distribution and service companies, and manufacturers.

New industrial buildings in Delaware County are rare because the area has been built out, Moore said.

Read more about the Yeadon Industrial Center purchase at Philadelphia Business Journal.

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