Four buildings owned by the same family since 1897 in Wayne’s business district have been purchased for $4.5 million by a local partnership, writes Natalie Kostelni for the Philadelphia Business Journal.
The purchasers were an entity affiliated with Cadence Real Estate Advisors and Chris Todd, operator of a popular restaurant, Christopher’s, in Wayne.
The buildings cover 10,000 square feet and include Wayne Jewelers, Christopher’s, Pat’s Barber Shop, and Matador, a restaurant no longer at the space.
“Talk about a once-in-a-generation opportunity,” said Ken Kearns of Cadence. “This new acquisition is, in our opinion, the best retail corner in the entire suburban Philadelphia market.”
The four buildings were sold by the Fronfield Trust as a single tax parcel.
The pandemic has affected Wayne’s business district, creating multiple vacant storefronts along Lancaster Avenue. The district has also felt the loss of students from surrounding college campuses.
In response, the business association has upgraded the downtown’s landscaping and created convenient outdoor dining and outdoor event options.
Kearns hopes to add to Wayne’s resurgence by creating a diverse mix of retailers that can feed off each other.
There are prospective tenants negotiating currently. Win Signature Restaurant Group is planning to open its Blue Elephant concept in the former Matador space this summer.
Read more in the Philadelphia Business Journal about this rare, four-building acquisition in Wayne.