PHILADELPHIA, June 21, 2022 –JLL Capital Markets announced today that it has closed the sale of Franklin Center, a 174,063-square-foot shopping center with a best-in-class anchor tenant lineup that includes Dick’s Sporting Goods and T.J. Maxx in the South Central Pennsylvania community of Chambersburg.
JLL represented the seller, Coastal Equities. Milbrook Properties Ltd acquired the asset.
Franklin Center originally opened in 1990 and was most recently renovated in 2015. The 91.5-percent-leased shopping-center is home to a dynamic tenant mix of market-leading anchor tenants, including Dick’s Sporting Goods, T.J.Maxx, Ulta Beauty, Petco and Ollies Bargain Outlet, which account for 78% of gross property income. The property also includes value-add opportunities through future building expansion and multiple out-parcel pad site development.
Franklin Center is strategically positioned with significant frontage on the region’s primary retail corridor of Lincoln Highway, garnering significant traffic flow, and is less than a half mile from the I-81 Exit, the most heavily traveled highway in the region. Lincoln Highway acts as a regional focal point for retail, with a trade area that extends further than a 10-mile radius, attracting a vast consumer base.
The JLL Retail Capital Markets team representing the seller was led by Senior Managing Directors Christopher Munley and James Galbally and Senior Director Colin Behr and Associate James Graf.
“The Coastal Equities team did an excellent job re-establishing the property as a go-to retail destination within the market during re-development through lease executions with best-in-class, traffic-driving anchors,” Munley said.
“The retail sector continues to attract strong interest from institutional, REIT and private capital,” Galbally added. “We saw a tremendous amount of investor interest for Franklin Center due to its best-in-class tenancy in T.J.Maxx, Dicks and Petco as well its irreplaceable location within the Chambersburg market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients – whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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