{"id":1004150969,"date":"2016-08-25T22:03:40","date_gmt":"2016-08-26T06:03:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150969"},"modified":"2020-05-18T15:40:57","modified_gmt":"2020-05-18T23:40:57","slug":"benbrook-sells-franklin-marketplace-in-philadelphia","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/benbrook-sells-franklin-marketplace-in-philadelphia\/","title":{"rendered":"Benbrook Sells Franklin Marketplace in Philadelphia"},"content":{"rendered":"<p><em>By Adriana Pop<\/em><\/p>\n<p><strong>Philadelphia<\/strong>\u2014PAG Investments is the new owner of Franklin Marketplace, a 223,434-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">retail power center<\/a> in northeastern <a href=\"https:\/\/www.commercialsearch.com\/news\/philadelphia\/\" target=\"_blank\">Philadelphia<\/a>. The company purchased the asset free and clear of existing debt.<\/p>\n<div id=\"attachment_1004150970\" style=\"width: 280px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Franklin-Marketplace.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150970\" data-attachment-id=\"1004150970\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/benbrook-sells-franklin-marketplace-in-philadelphia\/franklin-marketplace\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Franklin-Marketplace.jpg\" data-orig-size=\"800,672\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Franklin Marketplace\" data-image-description=\"&lt;p&gt;Franklin Marketplace&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Franklin Marketplace in Philadelphia&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Franklin-Marketplace.jpg?w=800\" class=\"wp-image-1004150970\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Franklin-Marketplace.jpg\" alt=\"Franklin Marketplace\" width=\"270\" height=\"227\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Franklin-Marketplace.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Franklin-Marketplace.jpg?resize=300,252 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Franklin-Marketplace.jpg?resize=768,645 768w\" sizes=\"auto, (max-width: 270px) 100vw, 270px\" \/><\/a><p id=\"caption-attachment-1004150970\" class=\"wp-caption-text\">Franklin Marketplace in Philadelphia<\/p><\/div>\n<p><a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow\" target=\"_blank\">HFF<\/a> marketed the property on behalf of the seller, <a href=\"https:\/\/www.benbrooke.com\/home.php\" rel=\"nofollow\" target=\"_blank\">Benbrooke<\/a>.<\/p>\n<p>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\u2019s 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.<\/p>\n<p>The HFF team representing the seller was led by Managing Director Chris Munley, Senior Managing Director Jose Cruz, Managing Director Kevin O\u2019Hearn and Associate Director Michael DiCosimo.<\/p>\n<p>\u201cFranklin Marketplace generated significant interest from the full capital spectrum due to its investment proposition and the continued institutional interest in Philadelphia,\u201d Munley said in prepared remarks. \u201cThe property benefits from its close proximity to Philadelphia Mills and is surrounded by densely-populated neighborhoods generating high-consumer demand.\u201d<\/p>\n<p><em>Image courtesy of HFF <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PAG Investments has purchased the nearly 224,000-square-foot retail center in a deal facilitated by HFF.<\/p>\n","protected":false},"author":260,"featured_media":1004150970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,10,1494,21749],"tags":[],"class_list":["post-1004150969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-northeast","category-philadelphia","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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