Daily Local News (West Chester, PA)
Chesco retail property sells for $950,000
WEST CHESTER » Pillar Real Estate Advisors of West Chester has announced the sale of a 1.5 acre retail location on East Lincoln Highway in West Whiteland.
Originally listed for $1.2 million, the property was on the market for about six months before being purchased by a private investment buyer for $950,000. No additional information about the buyer was available.
The parcel is located at 417-421 E. Lincoln Highway (Route 30), just outside the Exton Mall property and is the site of three retail buildings. According to Eric Kuhn, an associate at Pillar Real Estate Advisors, the three businesses are long-term tenants of the property, with current leases that carry forward for “several more years each.”
Current tenants of the property include a national franchise sandwich shop, a full-service hair and beauty salon and a pet grooming business.
The property was owned by the Hess family for about 20 years, Kuhn said in an emailed response to questions. According to information provided by the firm, the “seller knew that now was the time to realize the highest value at sale of this asset.” Pillar Real Estate Advisors represented both the seller and the buyer in the transaction, which was completed earlier this month.
The property includes land that is wooded and sloped. No additional development is planned for that portion of the property, according to Kuhn.
According to the marketing brochure for sale of the property, the 1.5 acre parcel has a 200-foot frontage onto Lincoln Highway/ Route 30. Pillar Real Estate Advisors estimates that 30,000 vehicles pass the property each day. It is adjacent to Exton Square Mall, which includes Whole Foods Market. In addition, an estimated 1,000 new apartments units are expected to be completed within two miles of the property this year, according to the marketing brochure.