$11.4 million sale of suburban Philadelphia retail center closed by HFF
PHILADELPHIA, PA – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it 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, Pennsylvania.
HFF arranged the sale of the property on behalf of the seller, Pineville Properties. Private investor Theodore Griffinger purchased 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.
The HFF investment sales team representing the seller was led by managing director Chris Munley. John Andreini of Capital Pacific represented the buyer.
“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,” Munley said. “The property garnered significant national interest and reflects the continued appetite for retail properties in core markets within the Philadelphia MSA.”
About Pineville Properties
Pineville Properties is a successful owner-operator of commercial real estate assets throughout Pennsylvania, with extensive experience in the development, leasing, and operation of retail properties. Headquartered in Valley Forge, Pennsylvania, Pineville Properties has been investing and operating in retail real estate assets for more than 15 years and currently owns a portfolio of more than 1.4 million square feet.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.