Greek Real Estate Partners will soon break ground on a new 287,218-square-foot industrial facility at 2121 Wheatsheaf Lane in Philadelphia. — Rendering courtesy: GREP
By Joshua Burd
Greek Real Estate Partners has secured a $44 million construction loan for what will be nearly 290,000 square feet of new industrial space in Philadelphia, its first project in the submarket.
The developer, which is based in East Brunswick, said CIT Bank is providing the financing in connection with the project at 2121 Wheatsheaf Lane. The announcement comes as the firm demolishes an existing 305,706-square-foot building at the site before breaking ground on the new 287,218-square-foot facility, which is slated for completion in early 2025.
“There is currently a major dearth of Class A construction surrounding Philadelphia and this sponsorship enables us to meet the demand for best-in-class, last-mile facilities,” said David Greek, managing partner of GREP. “2121 Wheatsheaf provides an exceptional location from which logistics, e-commerce and particularly cold storage users can quickly and easily reach multiple metropolitan population centers.”
Greek’s firm acquired the property in spring 2021, citing its location at the base of the Betsy Ross Bridge, five miles from Center City Philadelphia and eight miles from the Port of Philadelphia. It also provides prospective tenants with immediate access to Interstate 95 and sits just seven miles from Interstate 76.
Its plans for the new building call for 40-foot clear ceiling heights, 36 dock doors, two drive-in doors, 66 trailer parking stalls, 268 parking spaces for cars and 154 spaces for vans and built-to-suite office space, according to a news release. Kyle Lockard, Larry Maister, Nate Demetsky and Jeff Lockard of JLL will serve as the leasing team for the property.
GREP’s development pipeline in Pennsylvania also includes 900 Wheeler Way in Langhorne, a joint venture with Principal Investment Real Estate. In New Jersey, it’s nearing completion of the 3.2 million-square-foot Logan North Industrial Park in Logan Township and the 4.1 million-square-foot Linden Logistics Center in Linden, both in partnership with Advance Realty Investors.
Greek details 287,000 sq. ft. Philly warehouse project, fast-growing development pipeline
