SSH Real Estate has arranged the sale of 134 N. Wayne Avenue, known as The Suburban Building, a 15,150 SF Class-A retail and office property in the heart of Wayne PA. Adam Gillespie of SSH Real Estate represented the seller, 134 Partners LP, who sold the property to a private investment group that was making its first acquisition in the Philadelphia area.
The Suburban Building—named after The Suburban and Wayne Times, a newspaper firm which occupied a portion of the building from 1905 to 2010—was 100% leased to seven tenants at the time of sale. This was SSH Real Estate’s second investment property sale on the Main Line in the month of April. The first sale was 43 Cricket Avenue, formerly Gillane’s Tavern, in Ardmore.
The seller, 134 Partners LP (consisting of general partners Brad Palmer, Bill Connor and Jackie Sweeney), purchased the property in 2011 and completely renovated the building. Its historic elements were maintained while upgrades were made to make the building ADA accessible, more energy efficient and modernized with top of the line finishes. “The Suburban Building received vast interest from investors across the region because of its central location, superb construction detail, and quality tenancy,” said Adam Gillespie.
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