Two vacant buildings near Route 309 in Richland Township in Upper Bucks County recently sold for $2.5 million.
The 5.3-acre site is at 590 California Road and includes an 11,500 square-foot office building and 45,000-square-foot-warehouse, said Jane Schiff, associate broker of Howard Hanna The Frederick Group in South Whitehall Township. Schiff represented the seller, Pyramid Realty Group, in the transaction.
Zach Moore, founding partner of Velocity Ventures bought the property. His Philadelphia-based investment firm specializes in the acquisition and management of industrial real estate assets.
The buyer is rehabilitating the property to offer it as a rental, Schiff said.
Michael Borski Jr. of The Flynn Company, based in Philadelphia, said the buyer is working on a complete renovation of the site.
Borski, who represented Moore in the transaction, said the buyer is working on renovations for the two buildings to get them ready for tenants. The project, designed as a speculative development, should be complete by the end of August, he said.
The buyer does not have any tenants in place yet.
The site is next to a new industrial project developed by MRP Industrial.
Last year, MRP Industrial acquired a nearly 23-acre site on West Pumping Station Road off Route 309 in Richland Township and built Park 309, two new industrial buildings.