PHILADELPHIA—PAG Investments, a North Jersey-based real estate investment, development and management company primarily focused on the acquisition, operation and repositioning of grocery-anchored shopping centers, has acquired Franklin Marketplace, a 223,434-square-foot retail power center near Philadelphia Mills in northeastern Philadelphia, for $25.775 million.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, White Plains, NY-based Benbrooke Realty Investment Company. PAG Investments purchased the asset free and clear of existing debt.
Franklin Marketplace is 88.6% leased to a variety of national and regional tenants, including Kaplan, Big Lots, Dollar Tree, Retro Fitness, Harbor Freight Tools and Citizens Bank. Situated on 18.36 acres at 101-195 Franklin Mills Boulevard, the power center is located 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 five-mile radius. Positioned at the gateway to the Northeast, the destination retail 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 and senior managing director José 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,” says Munley. “The property benefits from its close proximity to Philadelphia Mills and is surrounded by densely-populated neighborhoods generating high-consumer demand.”
PHILADELPHIA—PAG Investments, a North Jersey-based real estate investment, development and management company primarily focused on the acquisition, operation and repositioning of grocery-anchored shopping centers, has acquired Franklin Marketplace, a 223,434-square-foot retail power center near Philadelphia Mills in northeastern Philadelphia, for $25.775 million.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, White Plains, NY-based Benbrooke Realty Investment Company. PAG Investments purchased the asset free and clear of existing debt.
Franklin Marketplace is 88.6% leased to a variety of national and regional tenants, including Kaplan,
The HFF team representing the seller was led by managing director Chris Munley and senior managing director José 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,” says Munley. “The property benefits from its close proximity to Philadelphia Mills and is surrounded by densely-populated neighborhoods generating high-consumer demand.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
