PHILADELPHIA, PA—Holliday Fenoglio Fowler has closed the $11.4 million sale of Paoli Center, a two-building property totaling 15,400 square feet that is 100 percent occupied by Walgreens and PNC Bank in the Philadelphia suburb of Paoli, PA.
“Paoli Center is irreplaceable real estate on the very affluent 'Main Line' with two premium tenants, and it is a great long-term investment and opportunity,” says HFF managing director Chris Munley, who ledthe HFF investment sales team representing the seller. “The property garnered significant national interest and reflects the continued appetite for retail properties in core markets within the Philadelphia MSA.”
HFF arranged the sale of the property on behalf of the seller, Pineville Properties. John Andreini of Capital Pacific represented the buyer, private investor Theodore Griffinger, whopurchased the asset free and clear of existing debt.
Paoli Center is situated on 1.73 acres at 152 East Lancaster Avenue at the intersection of Routes 252 and 30, known as the “Main Line” or Lancaster Avenue, which connects the suburban market to the city of Philadelphia. The area is home to several corporate headquarters and adjacent to some of the most affluent residential properties in the metropolitan Philadelphia area.
Completed in 2002, Paoli Center has more than four access points, frontage along Lancaster Avenue and parking for its tenants.
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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].
