Greek Development acquires industrial site in Philadelphia for $31.5M
JLL Capital Markets closed the sale of the warehouse property in an irreplaceable logistics location
PHILADELPHIA, June 10, 2021 – JLL Capital Markets announced today that it has closed the $31.5 million sale of a 305,706 square-foot warehouse facility at an urban, last-mile location in Philadelphia, Pennsylvania.
The facility is situated on 21.25 acres at 2121 Wheatsheaf Ln. at the base of the Betsy Ross Bridge in an irreplaceable location along the I-95 corridor, which provides immediate accessibility to both the Philadelphia MSA and the New Jersey Turnpike. Only five miles from Center City Philadelphia, the mission-critical location provides access to nearly two million people within a 25-minute drive. Additionally, this infill area has limited remaining developable land and is proximate to the Philaport.
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 warehouse is occupied by Dependable Distribution Services, the largest cocoa bean distributer in North America, while a global e-commerce company uses the 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 Acquisitions. “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, Director 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 attractive in-place cash flow with potential for future redevelopment into a new generation, Class A warehouse/distribution facility.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Greek Development
Greek Development is a vertically integrated development company specializing in industrial real estate. Throughout its 80-year history, GREEK has completed over 25 million square feet of development projects and has built an outstanding reputation for excellence in the New Jersey and Pennsylvania industrial real estate markets. Currently ranked the third largest Real Estate Developer in New Jersey, the hallmarks of the company are the long-term client relationships it has built and its proven expertise. The company manages every phase of the development process, including site selection, design, construction, leasing, property management and tenant relations. From the drafting table to their computer-aided designs, the company’s team of experienced, in-house managers diligently control all aspects of the development process culminating with clients cutting the ribbon and taking occupancy. GREEK manages a portfolio encompassing over 18 million square feet in New Jersey and Pennsylvania.