Greek Real Estate Partners (GREP) successfully closed a $46 million three-year, fixed-rate bridge loan for 2121 Wheatsheaf, a premier Class A industrial facility in the heart of Philadelphia’s urban core.
The financing, arranged by JLL Capital Markets and provided by a prominent life insurance company, positions the recently completed 287,218-square-foot asset for long-term leasing success in a market where modern, large-scale industrial space is increasingly scarce.
Delivered in the first quarter of 2026, 2121 Wheatsheaf is located on a 21.3-acre site at the base of the Betsy Ross Bridge. Its proximity to major transit arteries makes it a crown jewel for regional and last-mile distribution:
- I-95 Access: Just 0.5 miles away.
- Port of Philadelphia: 1.6 miles from the facility.
- Center City Philadelphia: Located only 5 miles from the urban center.
- Regional Reach: Direct connectivity to Southern New Jersey and the Philadelphia International Airport (15 miles).
The property also benefits from a 10-year Philadelphia real estate tax abatement, a significant draw for potential tenants looking to optimize operational costs in a high-barrier-to-entry market.
Designed for maximum efficiency, the fully fenced facility boasts “best-in-class” features that distinguish it from the region’s aging industrial stock:
- Vertical Clearance: 40-foot clear heights.
- Loading Capacity: 36 dock doors and two drive-in doors.
- Trucking Infrastructure: A 185-foot truck court with 65 trailer spaces.
- Power & Safety: 4,000-amp electrical service and ESFR K-25 sprinkler systems.
“2121 Wheatsheaf offers a large-scale logistics space well-positioned within Philadelphia’s urban core,” Alex Motiuk of Greek Real Estate Partners said. “The property’s proximity to I-95, the port, and Center City offers unmatched last-mile and regional distribution capabilities.”
The Urban Philadelphia Industrial Submarket is currently defined by a lack of available infill sites. This scarcity, combined with steady demand for modern facilities offering high clear heights and ample trailer storage, drove strong lender interest in the project.
“This transaction reflects continued lender confidence in well-located, newly delivered industrial products,” noted the JLL Debt Advisory team. “This product has distinct advantages over the area’s aging industrial stock.”
The facility is designed to accommodate either a single user or multiple tenants, with the ability to demise the building into two separate suites. It includes 2,700 square feet of dedicated office space and parking for 153 vans and 253 cars.
JLL’s leasing team—comprising Kyle Lockard, Larry Maister, Nate Demetsky and Jeff Lockard—is currently overseeing efforts to secure tenants for the immediate-occupancy site.
