120 Phyllis Drive in Croydon, Pennsylvania — Courtesy: Greek Real Estate Partners
By Joshua Burd
Greek Real Estate Partners has added to its holdings outside New Jersey, acquiring a more than 141,000-square-foot industrial building in Pennsylvania’s Bucks County.
According to a news release, the East Brunswick-based firm paid $36.75 million in the deal with Penwood Investment Management. GREP noted that the 141,276-square-foot property at 120 Phyllis Drive in Croydon is fully occupied by Philadelphia-based PCI Pharma, which had been renting a portion of the building and has more than doubled its space in a long-term lease.
Branch Industrial’s Burry Klein and Josh Chesner represented the buyer in the off-market transaction. Penwood sold the building through an entity owned by its fifth value-added investment vehicle, Penwood Select Industrial Partners V LP.
“We are excited to expand our portfolio in Pennsylvania and look forward to supporting PCI Pharma as it continues its growth,” said Alex Motiuk, director of acquisitions for Greek Real Estate Partners. “Everest Logistics Park is an ideally located, state-of-the-art facility that complements GREP’s growing portfolio.”
Built in 2023, the facility sits on more than 10 acres just 31 miles from Philadelphia and 75 miles from New York City, the news release said. The site is a short drive from interstates 195, 95 and 295 and routes 13, 130 and 1, while users have access to nearby shipping outlets such as the Port of Philadelphia, Philadelphia International Airport, Port Newark-Elizabeth and Trenton-Mercer Airport.
GREP added that the building has some 3,000 square feet of office space, 20 tailgate doors, 54- by 58-foot column spacing, one drive-in door, 36-foot clear ceiling heights and 260 parking spots with a securely fenced trailer yard with 31 spaces.
Greek has been in the region since the 1980s, having developed the former airport in Levittown into the 12-building, 1.7 million-square-foot Bristol Industrial Park near the Pennsylvania Turnpike and newly developed interchange at I-95 and I-295.
