PHILADELPHIA, PA–HFF has arranged $38.3 million in financing for Paoli Shopping Center, a 165,617-square-foot, Acme Markets-anchored retail center completed in two phases in Paoli, PA.
HFF worked on behalf of the borrower, Brandolini Companies, to secure the long term, fixed-rate mortgage with an institutional lender advised by Quadrant Real Estate Advisors. The loan will be used to refinance existing indebtedness.
Paoli Shopping Center was redeveloped by the owner in 2000 and expanded from a 70,000-square-foot property to the current center, which contains six one-story buildings, a service station and 650 parking spaces on 18.8 acres. As the only grocery-anchored shopping center within a 2.8 mile radius, the 96.8-percent leased center is home to Acme, Pier One, Talbots, Loft, Chico's, JoS. A. Bank, Francesca's, Einstein's Bagels, Bravo's Pizza and Kitchen Capers and is shadow-anchored by Paoli Hardware True Value. The center is located at the intersection of Route 252 and Route 30, known as the “Main Line” or Lancaster Avenue, which connects Philadelphia to the suburbs and houses several corporate headquarters.
HFF managing director Ryan Ade led the team representing the borrower.
“Paoli Shopping Center enjoys one of the best, in-fill locations for retail of any property in the Philadelphia market,” says Ade. “Lender interest was very high in this financing and afforded Brandolini the luxury of choice in selecting their capital provider.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
