2121 Wheatsheaf Lane in Philadelphia — Courtesy: Greek Real Estate Partners
By Joshua Burd
Greek Real Estate Partners has closed on a $46 million bridge loan for more than 287,000 square feet of newly completed industrial space in Philadelphia, the firm announced this week.
The developer, which is based in East Brunswick, said it secured the financing as it continues to market the warehouse at 2121 Wheatsheaf Lane. It’s doing so alongside brokers with JLL, following a redevelopment project aimed at filling a need for modern, large-scale industrial space in Philadelphia’s urban core.
A life insurance company provided the three-year, fixed-rate bridge loan for the facility at the base of the Betsy Ross Bridge, which is five miles from Center City and eight miles from the Port of Philadelphia. JLL’s capital markets group arranged the transaction.
“2121 Wheatsheaf offers a large-scale logistics space, well-positioned within Philadelphia’s urban core,” GREP’s Alex Motiuk said. “The property’s proximity to I-95, the port and Center City offers unmatched last-mile and regional distribution capabilities. We appreciate JLL’s expertise in structuring financing that supports the asset’s long-term performance in a high-barrier-to-entry market.”
Located a half-mile from Interstate 95, the warehouse has 40-foot clear ceiling heights, 36 dock doors, two drive-in doors and a 185-foot truck court. The 287,218-square-foot building also has 50- by 56-foot column spacing with 65-foot speed bays, as well as parking for 65 trailers, 153 vans and 253 cars, while the developer noted that it can accommodate a single tenant or be demised into two suites.
JLL’s Kyle Lockard, Larry Maister, Nate Demetsky and Jeff Lockard spearhead the leasing team at the 21.3-acre property, which is fully fenced, according to a news release. Their targets include last-mile and regional distribution users needing immediate bridge access to southern New Jersey and the broader Northeast corridor.
GREP added that the property, which benefits from a 10-year real estate tax abatement with the city, occupies one of the few remaining infill sites where industrial land is extremely scarce, reinforcing its position within a tight, high-barrier market. Leasing demand for modern, infill industrial space in Philadelphia has remained steady, the firm said, particularly for facilities offering high clear heights, trailer storage and immediate highway access.
“This transaction reflects continued lender confidence in well-located newly delivered industrial products within core urban infill locations,” JLL said in a written statement. “This product has distinct advantages over the area’s aging industrial stock.”
Greek lands $44 million construction loan for 287,000 sq. ft. Philly industrial project
