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| Franklin Marketplace, 101-195 Franklin Mills Boulevard, Philadelphia, PA |
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| Chris Munley |
PHILADELPHIA, PA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $25.775
million sale of Franklin Marketplace,
a 223,434-square-foot retail power center near Philadelphia Mills in
northeastern Philadelphia.
HFF marketed the property
on behalf of the seller, Benbrooke. PAG
Investments 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.
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 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. “The
property benefits from its close proximity to Philadelphia Mills and is
surrounded by densely-populated neighborhoods generating high-consumer demand.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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