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Greek Development Acquires Industrial Property On Wheatsheaf Lane In Philadelphia For $31.5M

Property Image
SOLD
$31,500,000
Kyle Lockard
Ryan Cottone
+ 1

Pennsylvania

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Industrial305,706 SF
Sold
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Property Image
SOLD

Greek Development Acquires Industrial Property On Wheatsheaf Lane In Philadelphia For $31.5M

2121 Wheatsheaf Lane, Philadelphia, PA, USA

See Similar Deals
Industrial305,706 SF
Sold
Kyle Lockard
Ryan Cottone
+ 1
Contact now

Summary

PENNSYLVANIA
Asset Type:Industrial
Price Per Square Foot:$103
Total Square Footage:305706 SF
Transaction Type:Sale

The industrial property located at 2121 Wheatsheaf Lane in Philadelphia, PA was recently sold in a transaction facilitated by JLL. The property, spanning 305,706 square feet, was acquired by Greek Development, represented by Frank Greek. The seller, 2121 Wheatsheaf Lane LLC, agreed to the sale at a price of $31,500,000, resulting in a price per square foot of $103.

Summary of Transaction Details:

  • Property Type: Industrial
  • Transaction Amount: $31,500,000
  • Address: 2121 Wheatsheaf Lane, Philadelphia, PA
  • Market: Philadelphia, PA

The deal was facilitated by JLL brokers John Plower, Ryan Cottone, Larry Maister, and Kyle Lockard. Their expertise and negotiation skills played a crucial role in ensuring the successful completion of the transaction.

Players

John Plower
17 deals$1.1B volume
BROKER

Ryan Cottone
JLL
15 deals$984.1M volume
BROKER

Larry Maister
JLL
5 deals$98.4M volume
BROKER

Kyle Lockard
JLL
4 deals$87.7M volume
BROKER

BUYER

Details

SOLD
IMAGE: Larry Maister, Ryan Cottone, Frank Greek, John Plower & Kyle Lockard DATE: 06/14/2021 ADDRESS: 2121 Wheatsheaf Lane MARKET: Philadelphia, PA ASSET TYPE: Industrial BUYER: Greek Development - Frank Greek SELLER: 2121 Wheatsheaf Lane LLC BROKERS: John Plower, Ryan Cottone, Larry Maister & Kyle Lockard - JLL SALE PRICE: $31,500,000 SF: 305,706 ~ PPSF: $103

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,680,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$111,912.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$149,326.07
Annual Debt Service$1,791,912.85