Thursday, June 24, 2021

New Jersey Developer Pays $31.5 Million for Philadelphia Warehouse

 By Clarice King CoStar Research

Greek Development has purchased a fully occupied warehouse facility located about 5 miles from Center City Philadelphia.

The New Jersey-based developer acquired the property from 2121 Wheatsheaf Lane LLC for $31.5 million.

The warehouse facility totals 305,706 square feet and is situated at the base of the Betsy Ross Bridge at 2121 Wheatsheaf Lane along the Interstate 95 corridor. The property features clear heights ranging from 19 to 21 feet, 30 loading doors, one drive-in door and more than 350 parking spaces.

The mission-critical facility is occupied by Dependable Distribution Services, the largest cocoa bean distributor in North America, while a global e-commerce company uses the facility's vast parking spaces for its last-mile delivery strategy.

"This is an irreplaceable last-mile location with highly functional distribution space and ample parking," Alex Motiuk, Greek Development’s associate director of acquisitions, said in a statement. "We are excited to add this property to our presence in Philadelphia and bring it to its full potential."

"There continues to be strong demand for well-located, in-fill industrial assets within the Philadelphia region. The property offers attractive in-place cash flow with potential for future redevelopment into a new generation, Class A warehouse/distribution facility."

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.