Greek Development, Principal Real Estate secure $30M construction loan in prime, last mile market

Partnership’s loan funds demolition and rebuild of strategically located warehouse

East Brunswick-based Greek Development and Principal Real Estate Investors have secured $32.11 million in financing from Provident Bank for the redevelopment project at 900 Wheeler Way — a 210,564-square-foot industrial campus in Langhorne, Pennsylvania.

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.

The loan will fund the demolition of the second, nonrenovated building at 900 Wheeler Way to make room for a new, highly-anticipated warehouse facility featuring 40-foot clear heights, 31 loading dock doors, 150-foot truck court and 80 trailer parking stalls. The project is anticipated to be delivered in Q2 of 2023.

900 Wheeler Way is ideally located, featuring immediate access to Route 1 and Interstate 295, and also boasts equidistant connectivity to both the Port of Philadelphia and the Port of Newark.

“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,” David Greek, managing partner of Greek Development, stated. “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 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,” Rob Klinkner, managing director of Principal Real Estate Investors, stated.