East Brunswick-based Greek Real Estate Partners (GREP) has acquired Everest Logistics Park, a 141,276-square-foot logistics facility in Croydon, PA. GREP for $36.75 million.
Located at 120 Phyllis Drive, GREP acquired the fully occupied property from Penwood Investment Management through an entity owned by its fifth value-added investment vehicle, Penwood Select Industrial Partners V, L.P.
Philadelphia-based pharmaceutical company PCI Pharma, which had been renting a portion of the building, has more than doubled its space to occupy the entire building in a long-term lease.
“We are excited to expand our portfolio in Pennsylvania and look forward to supporting PCI Pharma as it continues its growth,” Alex Motiuk, director of Acquisitions for Greek Real Estate Partners said. “Everest Logistics Park is an ideally located, state-of-the-art facility that complements GREP’s growing portfolio.”
Constructed in 2023, the Class A industrial facility sits on 10-plus acres only 31 miles from Philadelphia and 75 miles from New York City. The site is located in close proximity to Interstates 195, 95, 295, US Hwy 13, US Hwy 130 and US Hwy 1. Nearby shipping outlets include the Port of Philadelphia, Philadelphia International Airport, Port Newark, and Trenton Airport.
The facility features ±3,000 square feet of office space, 20 tailgate doors (9-foot by 10-foot with dock seals and levelers), 54-foot by 58-foot column spacing, one drive-in door, 36-foot clear heights, and 260 parking spots with a securely fenced trailer yard featuring 31 parking spaces.
Burry Klein And Josh Chesner of Branch Industrial represented GREP in this off-market transaction.
