Velocity Venture Partners has become the owner of 9000 River Road in Pennsauken, New Jersey, paying $32 million for the roughly 600,000-square-foot former manufacturing facility.
The Bala Cynwyd real estate company bought the former Aluminum Shapes Inc. property through a Chapter 11 bankruptcy sale that took place and was certified in November in the U.S. Bankruptcy Court for New Jersey. Aluminum Shapes had filed for bankruptcy protection in August.
The sprawling property sits adjacent to 8600 River Road, a 355,000-square-foot building Velocity purchased in December 2019 from Aluminum Shapes.
The purchase of 9000 River wasn’t without some controversy. There were other bidders for the property of which one objected to Velocity’s bid, according to court documents.
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