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| Paoli Center, 152 East Lancaster Avenue, Peoli, PA |
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| 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 | www.hfflp.com
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