Franklin Mall, Philadelphia’s largest outlet mall and the second largest in Pennsylvania, has been put up for sale, writes Emma Dooling for the Philadelphia Business Journal.
JLL, the real estate firm marketing the mall for sale, has not listed an asking price for the property.
With the 137-acre property now on the market, a number of options are in play.
The JLL listing specifically mentions redevelopment into an industrial facility as a strong possibility, due to its access to I-95. With the property being zoned CA-2, a buyer would be allowed to develop up to 1.4 million square feet of warehouse space.
There is also the possibility of redeveloping the property for other uses or maintaining it as a retail center.
According to JLL’s senior managing director and co-head Jim Galbally, “all options are on the table” for potential buyers.
Franklin Mall has seen a major decline in occupancy and foot traffic in recent years. The listing currently has its occupancy rate listed at 68 percent.
According to a report by the property manager OPEX CRE Management, Franklin Mall reported an $86,000 net operating loss this past August with a $2.29 million net operating income this year through August 31.
Read more about Franklin Mall going up for sale and the struggles its seen in recent years in the Philadelphia Business Journal.
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