Wednesday, October 21, 2015

HFF closes $11.4 million sale of suburban Philadelphia retail center

Paoli Center, 152 East Lancaster Avenue, Peoli, PA

Chris Munley

 PHILADELPHIA, PA – October 21, 2015 – 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.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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