Greek Development acquires 305,706 s/f industrial site in Philadelphia for $31.5 Million
- MAREJ
- Aug 11, 2021
- 1 min read
PHILADELPHIA, PA — New Jersey-based Greek Development has acquired a 305,706 s/f industrial facility located at the base of the Betsy Ross Bridge in Philadelphia. The price was $31.5 million.
JLL marketed the properties on behalf of the seller, 2121 Wheatsheaf Lane LLC.
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 Tpke. 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 ft., 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.”
