S hopping C enters P ennsylvania
M id A tlantic Real Estate Journal — Pennsylvania — July 23 - August 19, 2021 — 13B
www.marej.com
HILADELPHIA, PA — New Jersey-based Greek Development JLL closes sale of the warehouse property in an irreplaceable logistics location Greek Development acquires 305,706 s/f industrial site in Philadelphia for $31.5 Million P
facility’s vast parking space for its last-mile delivery strategy. “This is an irreplaceable last-mile location with highly functional distribution space and ample parking,” said Alex Motiuk , Greek Development’s associate director of acquisi- tions. “We are excited to add this property to our presence in Philadelphia and bring it to its full potential.” The JLL Capital Markets team representing the sellers was led by senior managing director John Plower , di- rector Ryan Cottone along with senior managing director Larry Maister and associate Kyle Lockard . “There continues to be strong demand for well-located, in-fill industrial assets within the Philadelphia region,” Plower added. “The property offers at- tractive in-place cash flowwith potential for future redevelop- ment into a new generation, class A warehouse/distribution facility.” MAREJ owned and leased to a variety of e-commerce, distribution, warehouse, and assembly companies. PCCP, LLC is Dermody Properties’ strategic capital partner on the project. “This property was origi- nally developed as part of our strategy to provide state-of- the-art, strategically located developments for our custom- ers in key markets such as Central Pennsylvania,” said Elizabeth Kauchak, Chief Operating Officer at Dermody Properties. “We continue to focus on sourcing new de- velopment and acquisition opportunities across the East Coast and nationally, with this in mind.” William Wolf and Max Wolf of CBRE Allentown represented Dermody Proper- ties in the lease transaction. Alan Grace, also of CBRE, represented The Hillman Group. MAREJ
has acquired a 305,706 s/f industrial fa- cility located at the base of the Betsy Ross Bridge in Philadel- p h i a . T h e p r i c e w a s $31.5 million.
Alex Motiuk
JLL marketed the proper- ties on behalf of the seller, 2121 Wheatsheaf Lane LLC. The facility is situated on 21.25 acres at 2121 Wheat- sheaf Ln. at the base of the Betsy Ross Bridge in an ir- replaceable location along the I-95 corridor, which provides immediate accessibility to both the Philadelphia MSA and the New Jersey Tpke. Only five miles from Center City Phila- delphia, the mission-critical location provides access to nearly two million people
2121 Wheatsheaf Ln.
The property features clear heights ranging from 19 to 21 ft., 30 loading doors, one drive- in door and more than 350 parking spaces. The warehouse
is occupied by Dependable Distribution Services, the larg- est cocoa bean distributer in North America, while a global e-commerce company uses the
within a 25-minute drive. Ad- ditionally, this infill area has limited remaining developable land and is proximate to the Philaport.
Dermody Props. leases 186,900 s/f of LogistiCenter at 78-81 in Lebanon County to The Hillman Group
UNION TOWNSHIP, PA — Dermody Properties , a national private equity
real estate investment, development a n d ma n - a g e m e n t company fo- cused on the logistics real estate sector, announc ed
Gene Preston
the lease of LogistiCenter at 78-81, located at 501 Old Forge Rd. in Lebanon County, to The Hillman Group . An industry leader in builder solutions, The Hillman Group will occupy 186,900 s/f of the 405,000 s/f facility and use it primarily for distribution of their construction fastener materials to national hard- ware stores. The seven-year lease is expected to commence on September 1, 2021. Logis- tiCenter at 78-81 is now fully leased.
501 Old Forge Rd.
“Among the advantages of the area, within a submarket of Harrisburg, is access to four key interstates and numerous shipping and transportation resources for strategic supply chain solutions,” said Gene
a state-of-the-art warehouse developed by Dermody Prop- erties from the ground up, with construction completed in 2016. The majority of sur- rounding properties in Leba- non County are institutionally
Preston , east region partner at Dermody Properties. “The Hillman Group will be able to reach their customers quickly and efficiently as occupants of LogistiCenter at 78-81.” LogistiCenter at 78-81 is
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