9-23-22

8C — September 23 - October, 20, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal

www.marej.com

O wners , D evelopers & M anagers

L Partnership’s loan funds demolition and rebuild of strategically located PA warehouse Greek Development + Principal Real Estate Investors secure +$30M from Provident Bank

ANGHORNE, PA — The partnership of Greek Development and Principal Real Es- tate Investors announced it secured a $32,110,000 construction loan from Provi- dent Bank for their rede - velopment of 900 Wheeler Way — its highly anticipated 210,564 s/f warehouse in Langhorne. “The plans for 900 Wheeler Way have been years in the making, and the demoli - tion and subsequent con- struction on the site will be an exciting milestone. As a best-in-class industrial warehouse in a prime last-

900 Wheeler Way

mile market, the building’s design has been tailored to suit a variety of top-tier

eager to deliver this project in a historically supply-con- strained 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 and Principal Real Estate Investors acquired the property in June 2006, after which they expanded the first of the two buildings onsite by 60,000 s/f in 2008. Today, Greek is preparing for the demolition of the second, nonrenovated build- ing in place of a new facility with 40-foot clear heights; 31 loading dock doors; 150-foot truck court; 80 trailer park - ing stalls; parking for 242 cars; full circulation around the building. The building is expected to be delivered in Q2 of 2023. The construction loan was sourced by Greek’s in-house debt team in concert with Prin- cipal’s Project Finance group. “Principal Real Estate In- vestors is thrilled to be con- tinuing our partnership with Greek Development on this redevelopment opportunity. 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,” said Rob Klinkner , managing direc- tor of Principal Real Estate Investors.900 Wheeler Way is ideally located, featuring immediate access to Route 1 and I-295, and also boasts equidistant connectivity to both the Port of Philadelphia and the Port of Newark. Greek Development’s cur - rent development pipeline also includes Logan North Industrial Park in Logan Township, New Jersey, and Linden Logistics Center in Linden, New Jersey — both in partnership with Advance Realty Investors . MAREJ

tenant needs,” said David Greek , managing partner of Greek Development.“We’re

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