Greek Real Estate Partners and Principal Asset Management have launched another industrial development in the Philadelphia region.
The joint venture acquired a 6.9-acre development site at 805 North Wilson Avenue in Bristol for $7.8 million. Construction began the day after the transaction closed.
Plans call for a 100,170-square-foot warehouse. The project is expected to be completed before the end of the year.
The property sits near Interstate 95, Bristol Pike, and the Delaware River Bridge. As a result, the location offers strong connectivity for regional distribution and logistics operations.
Greek Real Estate Partners partnered with Principal Asset Management on the acquisition. The firms have collaborated on industrial investments since the 1980s.
Greek Design Build, the company’s in-house construction division, is serving as the project’s general contractor. Meanwhile, TD Bank provided an $11.8 million construction loan to finance the development.
The accelerated construction schedule reflects work completed before the sale. Previous owners Regal Ventures and Benchmark Real Estate prepared the property for development through Pennsylvania’s PA SITES program.
The PA SITES initiative helps property owners fund site improvements before securing tenants. Consequently, developers can deliver industrial space to the market more quickly.
The Bristol project adds to Greek’s growing Philadelphia-area portfolio. Furthermore, it highlights continued investment in strategically located industrial properties with strong transportation access.
As industrial construction slows across many markets, developers continue pursuing well-positioned sites that can meet future demand for modern warehouse space.
*Article courtesy of Philadelphia Business Journal
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