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PAOLI, PA-Six new tenants have signed leases for an aggregate of 16,000 sf at Paoli Village Shoppes. Together, they represent 60% of the 26,925-sf retail component of this seven-building landmark, which also includes office space.The center is always well leased, according to Cathy Agnew, sales associate with Plymouth Meeting-based Fameco Real Estate, who represented the owner in all six negotiations. “A post office gave back space, and there were some expirations, which allowed for a re-merchandising of the center,” Agnew tells GlobeSt.com.The new tenants are Cutter’s Mill: the Natural Pet Place with 7,500 sf; Penn Liberty Bank with 2,310 sf; Plato’s Closet, 2,000 sf; It’s A Grind coffee house, 1,403 sf; Home Cooked, 1,870 sf, and Snappy Auctions, 912 sf. It’s A Grind and Cutter’s Mill will open this October. Just one 1,400-sf space remains vacant.The Paoli location is one of the Long Beach, CA-based, approximately 136-unit It’s a Grind company’s first locations in Pennsylvania. Fameco represented the upscale coffee house in this lease negotiation, and another unit is scheduled to open later this year in Lancaster.Paoli Village Shoppes is 40 years old and consistently well maintained, Agnew says. It is located in the heart of the central business district and next to a Septa regional rail station. The owner is a locally based two-family limited partnership.Agnew declines to disclose the rental rate. According to second-quarter data from the Philadelphia office of Marcus & Millichap, the average asking retail rent rate throughout the Greater Philadelphia market is $19.60 per sf, up 3.5% from a year ago. The report also projects an increase to an average of $20.11 per sf by year-end.

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