The 340,000-square-foot Dorman Products building in Colmar has been acquired by Bala Cynwyd’s Velocity Venture Partners in a $30.7 million deal, according to Montco.Today.
According to Velocity Venture founding partner Zach Moore, the building is the only industrial building in Montgomery County that is close to a train station. Per the report, Dorman, located at 3400 East Walnut Street, paid $2.5 million in rent last year, and its lease expires in 2027.
Velocity is planning on adding to the 15 loading docks, topping out at a total of 65, per the report.
"We love the property, the tenant is the cherry on top,” said Moore, in the article. "But the sundae for us is the property. We think we’ll do extremely well with it just because of our basis, the location, the land value, the train station. We think we can redevelop it very inexpensively to a modern Class A industrial facility with tremendous loading.”
In June, Velocity Ventures acquired the 225,000-square-foot, mostly vacant, Richland Plaza shopping center in Quakertown and plans an industrial conversion.
Dorman Products supplies original-equipment-dealer automotive replacement parts, automotive hardware, and brake products to the automotive aftermarket.
See also:
Metaphysical Supply Store Opens on Main Street in Souderton
NextGen Healthcare on Horsham Road to Announces Layoffs Beginning in January
Precision Watches to Open Store at Welsh Road and Bethlehem Pike
