Greek Development plans to redevelop an existing warehouse at 2121 Wheatsheaf Lane in Philadelphia, where it’s slated to build a modern 287,000-square-foot facility with 40-foot clear ceiling heights. — Courtesy: Greek Development
By Joshua Burd
Greek Development has expanded its footprint to Philadelphia, with plans to build nearly 300,000 square feet of new industrial space, after one of several recent acquisitions and as part of a development pipeline that currently calls for more than 2.5 million square feet.
The East Brunswick-based firm is pursuing approvals for the planned 287,000-square-foot facility at 2121 Wheatsheaf Lane, some five miles from Center City and at the base of the Betsy Ross Bridge. The building, which would have 40-foot clear ceiling heights, would redevelop the site of a 305,706-square-foot warehouse, which the company acquired in spring 2021 for $31.5 million.
It’s among $320 million in acquisitions by Greek in the last two years — equating to more than 2.7 million square feet of industrial space — and $300 million in property sales, along with a growing development pipeline now valued at over $1 billion, the firm said. That activity has coincided with the growth of its acquisitions team, which includes Managing Partner David Greek, Director of Acquisitions Alex Motiuk and Acquisitions and Development Associate Patrick Ramirez.
“Since we brought on Alex and Pat, our underwriting process has become more sophisticated and efficient, allowing us to pursue a wider range of projects simultaneously,” Greek said. The team has also secured $675 million in financing on 5.5 million square feet of development, executed 2.6 million square feet of leasing activity and ultimately totaled $1.26 billion in aggregate deal volume over the last year.
Motiuk, who was previously with CBRE, joined Greek in 2018 as an acquisitions and development associate. The firm promoted him less than four years later to director of acquisitions, a position in which he identifies and underwrites acquisition targets for the company and its investors, while taking a primary role in negotiating purchase agreements, leases on new developments and agreements with investors, brokers and consultants.
“We pride ourselves on our ability to find overlooked and underutilized properties in some of the most supply-constrained regions of New Jersey and Pennsylvania — and then use our in-house specialists to create best-in-class industrial assets for blue-chip tenants,” Motiuk said. “I’m extremely proud of what this team has accomplished in such a short span of time. I look forward to continuing our success and growth in 2023. Greek has had a strong foothold in the New Jersey and Pennsylvania markets with a recent expansion into center city Philadelphia and Northern Delaware.”
Greek in 2021 hired Ramirez as an associate analyst to allow Motiuk more time to source new development, redevelopment and acquisition opportunities in addition to managing relationships.
“Pat was a critical addition to our team and has added tremendous value,” Motiuk said. “We spent a few months after he was hired educating him about the industrial world, but he was a fast learner and his underwriting skills allowed Greek to look at more opportunities with a new level of sophistication soon after he was brought on board, allowing us to expand our reach.”
Prior to CBRE, Motiuk was an assistant vice president at Transwestern, where he represented clients in more than 3.5 million square feet of leasing and sale transactions, according to a news release. He holds a bachelor’s in international business and management from Dickinson College.
Ramirez is a former investment analyst with PGIM, working on its senior housing fund, and previously worked at Goldman Sachs in collateral management, the news release said. He holds a bachelor’s in international political economy from Fordham University and a masters in real estate finance from New York University.
“Greek is a fast-paced and exciting place to work,” Ramirez said. “It feels good to be part of a creative and entrepreneurial team. Though there is some economic uncertainty looking forward, I feel confident that the acquisitions team at Greek Development will use our unique position and skillset in the market to continue the success we’ve had over the last five years.”
Greek, Motiuk and Ramirez are all active members of NAIOP, the firm added, noting that its in-house capabilities include a full-service design and engineer team, management and general contracting.