Larry Steinberg, leader of Colliers’ Urban Retail and Main Line team has successfully sold 132 E. Lancaster Avenue, a substantial and historic commercial property at the intersection of Lancaster Avenue and Wayne Avenues in the desirable Main Line retail corridor of Wayne.
The 10,000 square foot building, with a full height lower level, was most recently leased to apparel group The Gap. The sale was transacted for $2,600,000.
Originally purpose-built by the F.W. Woolworth Company, “Woolworths” was one of the original pioneers of the five and dime store format. The store’s first location was in Utica, NY but only truly blossomed via its subsequent expansion throughout the state of Pennsylvania. By the late 1970’s it would go on to become the largest department chain in the world. Area residents will fondly remember the Wayne Woolworth’s cherished basement level pet shop. It closed in 1992.
As one of the most successful American and international retailers of its day, the chain was also notably shrewd in real estate, with a reputation for its iconic red-lettered storefronts, high quality construction and stringent criteria for strategic “village” locations. Today, Wayne may be one of few such villages that has successfully progressed with its original character intact.
“This is the second former Woolworth’s property I have been involved with, the first being 1330 Chestnut Street, a regional flagship for the chain in Center City which we subsequently sold and leased to West Elm, Lucky Strike Bowling and Blick Arts. In each instance, the physical real estate and location fundamentals have stood the test of time, providing an attractive asset for investors and a coveted location for top brands.” offered Steinberg.
The buyer was a private investor with additional holdings in the immediate vicinity with plans to improve the property with lower level rear parking to further enhance the attraction of top-tier retail to the location.
“This site possesses the affluent demographics of Wayne, the relative proximity of over 11,000 students on the Villanova University campus and a regional rail station just steps away.” offers Steinberg “That, combined with its status as the largest site on the Main Line with potential for private parking and the substantial frontage that entails – these factors truly prime this property to become a show-stopping home for a new tenant at the heart of Wayne’s retail and restaurant scene.”
The buyer was represented by Paul Rogers, also of Colliers International. Colliers provides property management services. Larry Steinberg can be contacted for more information.
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