Torsiello & Pennington of Binswanger announce expansion of Utopia Fulfillment’s lease of 103,275 s/f
PHILADELPHIA, PA — Binswanger Commercial Real Estate Services announced that it has successfully expanded Utopia Fulfillment’s lease to include an additional 103,275 s/f in the Pennsauken Logistics Center – a property that Utopia began occupying just two months prior. The company had initially secured 120,000 s/f after the property was made available by Velocity Ventures following their purchase and subsequent renovation of the complex. The lease restructuring brings the e-commerce tenant’s occupancy of the building to 223,275 s/f. Utopia Fulfillment utilizes the space for warehousing and e-commerce fulfillment of its home goods product lines. “We are thrilled to expand our relationship with Utopia at the Pennsauken Logistics Center, and are excited to now have a fully demised facility that is able to accommodate users of varying sizes and use cases,” per Tony Grelli, Velocity’s founding partner. The facility has roughly 103,000 additional square feet available for lease across four distinct sections –one section with 55,000 s/f, another with 40,000 s/f, a third with 6,000 s/f and a fourth section with 2,000 s/f. Representing both the initial sale of the property to Velocity Ventures and the landlord representation are brokers Mike Torsiello, vice president and Chris Pennington, senior vice president and partner –both in Binswanger’s Philadelphia office.