Benbrook Sells Franklin Marketplace in Philadelphia
- Aug 26, 2016
Philadelphia—PAG Investments is the new owner of Franklin Marketplace, a 223,434-square-foot retail power center in northeastern Philadelphia. The company purchased the asset free and clear of existing debt.
Franklin Marketplace is 88.6 percent leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. The 18.36-acre power center is located at 101-195 Franklin Mills Blvd., adjacent to Philadelphia Mills, the region’s largest outlet shopping center with more than 1.8 million square feet of retail space. Franklin Marketplace benefits from a dense population in its immediate vicinity, with more than 300,000 residents within a 5-mile radius. Positioned at the gateway to the Northeast, the location benefits from direct connections to Interstate 95, U.S. Route 1 and the Pennsylvania Turnpike.
The HFF team representing the seller was led by Managing Director Chris Munley, Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and Associate Director Michael DiCosimo.
“Franklin Marketplace generated significant interest from the full capital spectrum due to its investment proposition and the continued institutional interest in Philadelphia,” Munley said in prepared remarks. “The property benefits from its close proximity to Philadelphia Mills and is surrounded by densely-populated neighborhoods generating high-consumer demand.”
Image courtesy of HFF