by Steve Lubetkin, Globest.com
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.
The seller was 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.
“Franklin Marketplace generated significant interest from the full capital spectrum due to its investment proposition and the continued institutional interest in Philadelphia. The property benefits from its close proximity to Philadelphia Mills and is surrounded by densely-populated neighborhoods generating high-consumer demand.”
www.omegare.com
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