PHILADELPHIA, PA—Holliday Fenoglio Fowler 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, PA.
“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,” says HFF managing director Chris Munley, who ledthe HFF investment sales team representing the seller. “The property garnered significant national interest and reflects the continued appetite for retail properties in core markets within the Philadelphia MSA.”
HFF arranged the sale of the property on behalf of the seller, Pineville Properties. John Andreini of Capital Pacific represented the buyer, private investor Theodore Griffinger, whopurchased the asset free and clear of existing debt.
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