Thursday, October 22, 2015

Main Line retail property trades for $11M+

Natalie Kostelni Reporter, Philadelphia Business Journal
A property with two commercial buildings fronting Lancaster Avenue in Paoli, Pa., has traded for $11.4 million.

Paoli Center, which totals 1.73 acres at 152 Lancaster Ave., has a Walgreens and PNC Bank fully occupying two structures on the property.

The two buildings total 15,400 square feet and are leased on a long-term basis to the tenants. The property sits just in front of the Paoli Shopping Center, which is owned and developed separately by Brandolini Cos. Pineville Properties of Valley Forge, Pa., was the seller.

A private investor, Theodore Griffinger, bought the property “free and clear of existing debt.”

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