Two years after the acquisition of a 305,706-square-foot industrial building in Northeast Philadelphia for $31.5 million, Greek Real Estate Partners has initiated a significant redevelopment. The original structure has been demolished to make way for a new 287,000-square-foot warehouse at 2121 Wheatsheaf Lane, with an estimated construction cost of around $50 million, according to David Greek, Managing Partner of Greek Real Estate Partners. The East Brunswick, New Jersey-based developer has secured a $44 million construction loan from First Citizens Bank.
This ambitious project represents an $80 million investment, combining land and construction expenses, signaling Greek Real Estate Partners’ confidence in the potential for substantial returns from a modern industrial facility in the densely populated Northeast Philadelphia area.
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