Colliers Concludes Substantial Lancaster Avenue Retail Sale in Wayne

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Historic Property at 132 E. Lancaster Trades Hands

January 6, 2020 [Philadelphia, PA] – Larry Steinberg, leader of Colliers’ Urban Retail and Main Line team, along with Alexandra Sayer, 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.

For more information contact:

Larry Steinberg
Senior Managing Director - Retail, Colliers International
larry.steinberg@colliers.com +1 215 928 7593

Paul Rogers
Senior Vice President, Colliers International 
paul.rogers@colliers.com +1 215 928 7504

 

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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.  Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
 

 

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Larry Steinberg

Senior Managing Director

Philadelphia

Laurence Steinberg joined Colliers in April 2019 to lead and further grow the Urban Retail division in Philadelphia. Larry has an extensive 25-year plus career in commercial real estate that includes development, consulting and brokerage. Prior to joining Colliers, Larry headed up the Retail group at Rittenhouse Realty Advisors (RRA), served as an Executive Vice President with CBRE (FAMECO), a Principal of Michael Salove Company, and as a Partner in L.S. Powell Company, where he developed over one million square feet of commercial real estate.

For over a decade, Larry has brokered deals with acclaimed restaurateurs, premier restaurant chains and national retailers in the Philadelphia area. He has represented Morton’s Steakhouse for all of their Philadelphia and surrounding area locations, including their highest grossing unit at Caesar’s Palace in Atlantic City. Larry has worked closely with Philadelphia restaurant luminaries such as Stephen Starr, Jose Garces, Marc Vetri, Kevin Sbraga, Steven Cook and Michael Solomonov.

Larry’s retail presence can be seen throughout Center City. He was successful in bringing national retailers to Philadelphia such as H&M, The North Face, Cole Haan and West Elm. Recent noteworthy transactions include the first Target store in Center City and deals for Warby Parker, Theory, Madewell, Under Armour, a 26,000 square foot Walgreens flagship store, and a 40,000 square foot Nordstrom Rack.

In addition to leasing, Larry has brokered the sale of important retail properties, including nine buildings along Walnut Street in Rittenhouse Square. Most recently he represented the Seller for the sale of 1330 Chestnut Street, 1529 Walnut Street, and 1700 Chestnut Street.

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