The partnership of Greek Development and Principal Real Estate Investors today announced it secured a $32,110,000 construction loan from Provident Bank for their redevelopment of 900 Wheeler Way — its highly anticipated 210,564-square-foot warehouse in Langhorne, Pennsylvania.
“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.”
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 square feet in 2008. Today, Greek is preparing for the demolition of the second, nonrenovated building in place of a new facility with 40-foot clear heights; 31 loading dock doors; 150-foot truck court; 80 trailer parking 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 Principal’s Project Finance group.
“Principal Real Estate Investors is thrilled to be continuing 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 Director 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 current 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.
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