Greek Development and Principal Real Estate Investors are planning a 210,564-square-foot industrial development at 900 Wheeler Way in Langhorne — Courtesy: Greek
By Joshua Burd
Greek Development and Principal Real Estate Investors have closed on more than $32 million in construction financing for a long-awaited industrial project in Pennsylvania’s Bucks County.
In a news release Monday, the partnership said Provident Bank originated the loan in connection with the 210,564-square-foot project at 900 Wheeler Way in Langhorne. The deal follows the team’s acquisition of the site in June 2006, after which it expanded the first of two buildings on site by 60,000 square feet, with plans to now raze the second, nonrenovated building to make way for the new facility.
When complete, the building will have 40-foot clear ceiling heights, 31 loading dock doors, a 150-foot truck court and parking for 80 trailers and 242 cars. Delivery is slated for the second quarter of 2023.
“The plans for 900 Wheeler Way have been years in the making, and the demolition and subsequent construction on the site will be an exciting milestone,” said David Greek, managing partner of East Brunswick-based Greek Development. “As a best-in-class industrial warehouse in a prime last-mile market, the building’s design has been tailored to suit a variety of top-tier tenant needs. We’re eager to deliver this project in a historically supply-constrained area and to create a warehousing destination for blue-chip e-commerce, logistics and distribution companies that will bring jobs and tax revenue to the local community.”
Greek’s in-house debt team sourced the $32.11 million construction loan in concert with Principal’s project finance group.
“Principal Real Estate Investors is thrilled to be continuing our partnership with Greek Development on this redevelopment opportunity,” said Rob Klinkner, managing director of Principal Real Estate Investors. “The reconstruction of 900 Wheeler Way will provide state-of-the art warehouse product to help meet the demand of an underserved Class A market.”
The project site has immediate access to Route 1 and Interstate 295, while it’s equidistant to both the Port of Philadelphia and Port Newark-Elizabeth.