HFF arranges $38.3m refinancing for grocery-anchored retail center in suburban Philadelphia
PHILADELPHIA, PA — Holliday Fenoglio Fowler, LP (HFF) announced that it has arranged $38.3 million in financing for Paoli Shopping Center, a 165,617 s/f, Acme Markets-anchored retail center completed in two phases in Paoli, a western Philadelphia suburb.
HFF worked on behalf of the borrower, Brandolini Companies, to secure the long-term, fixed-rate mortgage through an institutional lender advised by Quadrant Real Estate Advisors, LLC. The loan will be used to refinance existing indebtedness.
Paoli Shopping Center was redeveloped by the owner in 2000 and expanded from a 70,000 s/f property to the current center, which contains six one-story buildings, a service station and 650 parking spaces on 18.8 acres. As the only grocery-anchored shopping center within a 2.8 mile radius, the 96.8% leased center is home to Acme, Pier One, Talbots, Loft, Chico’s, JoS. A. Bank, Francesca’s, Einstein’s Bagels, Bravo’s Pizza and Kitchen Capers, and is shadow-anchored by Paoli Hardware True Value. The center is located at the intersection of Rte. 252 and Rte. 30, known as the “Main Line” or Lancaster Ave., which connects Philadelphia to the suburbs and is home to several corporate headquarters.
The HFF team representing the borrower was led by managing director Ryan Ade.
“Paoli Shopping Center enjoys one of the best in-fill locations for retail of any property in the Philadelphia market,” Ade said. “Lender interest was very high for this financing and afforded Brandolini the luxury of choice in selecting their capital provider.”