This comes two years after the firm bought a 305,706-square-foot industrial building in the area.
“We remain really confident that there is a significant amount of demand for this space,” said Greek Real Estate Partners Managing Partner David Greek.
The new building is expected to be ready for tenants in about a year.
The plan is for it to have 40-foot heights, 36 dock doors, and two drive-in doors. In addition, it’s expected to have 65 trailer parking spaces and 258 car parking spaces.
All of these represent a sizable upgrade to the previous building.
Greek has touted the site as one that could be popular with e-commerce distributors with sights of being close to population centers.
“One of the things that holds up my confidence is the lack of other options in this market,” Greek said.
The firm is actively seeking other properties to grow its Philadelphia footprint.
Read more about the plans for the Wheatsheaf Lane property at the Philadelphia Business Journal.