Greek Development acquires industrial site in Philadelphia for $31.5M

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.

JLL marketed the properties on behalf of the seller, 2121 Wheatsheaf Lane LLC. Greek Development purchased the asset.

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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