Greek Development and Principal Real Estate Investors are teaming up on a project that will bring a 210,564-square-foot warehouse to Langhorne, Pa., with new financing for the work.
On Aug. 29, the pair announced securing a $32 million construction loan from Iselin-based Provident Bank for the redevelopment effort at 900 Wheeler Way.
Greek and Principal Real Estate Investors acquired the site in June 2006. In 2008, they expanded the first of two buildings located there by 60,000 square feet. Now, Greek says it is readying for demolition of the second building, which will be replaced with a new facility.
The construction loan, sourced by East Brunswick-based Greek‘s in-house debt team working with Principal’s Project Finance group, will fund those efforts.
“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. 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,” said David Greek, managing partner of Greek Development. “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.”
The building is expected to be finished in the second quarter of 2023.
According to the partners, the new structure will feature 40-foot clear heights, 31 loading dock doors, a 150-foot truck court, 80 trailer parking stalls, additional parking for 242 cars, and full circulation around the building.
“Principal Real Estate Investors is thrilled to be continuing our partnership with Greek Development on this redevelopment opportunity,” Rob Klinkner, managing director of Principal Real Estate Investors, said in a statement. “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.”
In the pipeline
Greek Development is partnering with Advance Realty Investors on the Logan North Industrial Park and Linden Logistics Center, projects that secured more than $227 million in financing earlier this summer. Read more.