Greek Real Estate Partners, a New Jersey-based development firm, recently obtained a $46 million loan for a new industrial warehouse building in Northeast Philadelphia, writes Paul Schwedeslon for the Philadelphia Business Journal.
The developer completed the 287,000-square-foot building earlier this year.
Back in 2021, Greek Real Estate acquired the 21-acre property for $31.5 million. From there, it demolished the existing 305,700-square-foot industrial building on the site.
Upon starting the construction of the new building, Greek Real Estate’s Managing Partner David Greek estimated the development could cost about $50 million. However, between development and land costs, Greek bet $80 million on the project.
The new building at Wheatsheaf Lane features 40-foot clear heights, 36 dock doors, two drive-in doors, and a 185-foot truck court.
There are also 50-foot-56-foot column spacing, 253 car parking spaces, 153 van parking spaces, 65 trailer parking spaces, and 65-foot speed bays.
According to Greek Real Estate, the property is able to accommodate a single tenant or multiple tenants.
Read more about the new warehouse in Northeast Philly and the financing the developer received for it in the Philadelphia Business Journal.
_____
Editor’s Note: This post was originally published on PHILADELPHIA.Today in March 2026.
