South Central Pennsylvania Shopping Mall Up for Sale
- Jul 11, 2016
By Adriana Pop, Senior Associate Editor
Philadelphia—Franklin Center, a 174,667-square-foot retail power center in the south central Pennsylvania community of Chambersburg, is up for sale. Coastal Equities has retained HFF to market the property.
Franklin Center was renovated and redeveloped in 2015. The property is currently 96 percent occupied by a tenant roster that includes Dick’s Sporting Goods, Ulta Beauty, Petco, T.J. Maxx and Ollie’s Bargain Outlet. The center also comprises three separate potential inline and outparcel development sites totaling more than 27,000 square feet. Located at 1320 Lincoln Way East, the mall covers 25 acres along the region’s primary retail corridor of Lincoln Way East (Highway 30), which attracts shoppers from surrounding municipalities. Franklin Center is also less than half a mile from Interstate 81, the most heavily traveled highway in the region.
The HFF investment sales team representing the seller is led by Chris Munley and Kevin O’Hearn, managing directors, Jose Cruz, senior managing director, and Michael DiCosimo, associate director.
“Franklin Center is a unique acquisition opportunity in the current marketplace, having both a preeminent tenant roster with newly executed, long-term leases to some of the top-performing brands in retail while still offering significant remaining upside to substantially grow property-level NOI over the course of the hold period,” Munley said in prepared remarks.
Image courtesy of Coastal Equities