By Linda Moss CoStar News
Greek Development and its partner have secured $32.1 million in financing to tear down a Pennsylvania warehouse and replace it with a new 210,564-square-foot industrial facility.
Greek Development, based in East Brunswick, New Jersey, and Principal Real Estate Investors of Des Moines, Iowa, obtained a construction loan from Provident Bank for their redevelopment of 900 Wheeler Way in Langhorne.
Greek Development and Principal Real Estate acquired the property in June 2006 for $7.9 million, according to CoStar data. They expanded the first of the two buildings on-site by 60,000 square feet in 2008. Now Greek is preparing for the demolition of a second, unrenovated building.
The new warehouse will feature 40-foot clear ceiling heights, 31 loading-dock doors, a 150-foot truck court, 80 trailer-parking stalls and parking for 242 cars. The Bucks County building is slated to be completed in the second quarter next year.
“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,” David Greek, managing partner of Greek Development, said in a statement.“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.”
The construction loan was sourced by Greek Development’s in-house debt team in concert with the Principal’s project finance group.
The site on Wheeler Way is equidistant to the ports of Philadelphia and Newark.
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