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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