A project by Greek Real Estate Partners and Principal Asset Management will bring 100,170 square feet of new logistics space to 805 North Wilson Ave. in Bristol, Pennsylvania. — Rendering by Nelson Architecture (Courtesy: GREP)
By Joshua Burd
Greek Real Estate Partners and Principal Asset Management are breaking ground on more than 100,000 square feet of new industrial space in Eastern Pennsylvania, having secured a pad-ready development site and nearly $12 million in construction financing.
The firms, which acquired the tract from Regal Ventures and Benchmark Real Estate, said the property at 805 North Wilson Ave. in Bristol is fully improved and will allow them to meet growing demand across the greater Philadelphia region. They’re now planning an early 2027 delivery for the 100,170-square-foot facility, which is slated to include a 36-foot clear ceiling height, a 2,400-square-foot speculative office, 20 loading docks, two drive-in doors and 1,200-amp, three-phase, 480/277V electrical service, plus parking for 58 cars and six trailers.
TD Bank provided the $11.84 million construction loan.
“Bucks County is one of the hardest places in the region to find land for new industrial development, and a site this size that comes ready to build is rarer still,” said Alex Motiuk, director of investments and capital markets for Greek Real Estate Partners. “With the site work complete and financing in place, we can move straight to construction and deliver the kind of modern space tenants in this market are looking for.”
Located next to the Delaware Bridge, the site provides immediate access to Interstate 95, the Pennsylvania and New Jersey turnpikes and Pennsylvania routes 13 and 413. That makes it well suited to accommodate both last-mile and regional distribution strategies, GREP said, while the building’s efficient, midsize footprint will also attract a range of users.
The project also marks the latest chapter in a 40-year relationship between Greek and Principal, which includes more than 2 million square feet at the Bristol Industrial Park that was largely developed throughout the 1980s. More recently, the firms built the 210,564-square-foot Langhorne Logistics Center in Langhorne, Pennsylvania.
Their newest investment in Bristol marks the first acquisition between GREP and Principal’s Green Property Strategy, they said, adding that the project is slated to achieve two Green Globes under the rating and certification system administered by the Green Building Initiative.
“This acquisition fits squarely with our strategy of investing in well-located industrial assets in markets with durable tenant demand,” said Sunil Hanoman, managing director of asset management and development for Principal. “Greater Philadelphia continues to show strong fundamentals, and partnering with an experienced developer like Greek gives us confidence in the project from day one.”
Newmark’s Ryan Guittare represented the sellers, which completed extensive site work ahead of closing. The developers, meantime, have tapped a Newmark team led by Nick Pickard to spearhead leasing at 805 North Wilson Ave.
Greek and Principal added that the construction loan marks the partnership’s first loan with TD and the beginning of a new lending relationship. TD’s Mark Melchione and John Fagan led the origination team.
“We’re pleased to support Greek Real Estate Partners and Principal Asset Management on this project,” said Melchione, Northeast divisional head of commercial real estate for TD Bank, U.S. “A pad-ready site, a proven development team, and a market with limited new supply make this exactly the kind of project we want to finance.”
Greek said the acquisition comes as industrial demand across greater Philadelphia remains supported by long-term structural drivers, including continued ecommerce growth, supply chain realignment and steady regional employment expansion. Leasing activity has carried that momentum into 2026, with the region recording more than 6.7 million square feet of leasing in the first quarter, its strongest start since 2022, and Class A facilities capturing more than half of that volume, according to Newmark research.
Meanwhile, new supply continues to retreat: the regional construction pipeline has fallen to a five-year low, the developers said, while Bucks County had fewer than 350,000 square feet under construction as of the first quarter.
Greek Real Estate Partners will oversee development through its fully integrated platform, with Greek Design|Build serving as general contractor.
