Thursday, June 23, 2022

Milbrook Properties Purchases Franklin Center in Chambersburg

 By Nathan Cloud CoStar Research

Milbrook Properties has closed on its first purchase in Pennsylvania as it continues to grow its shopping center portfolio.

The Manhasset, New York-based firm purchased the 174,063-square-foot Franklin Center in South Central Pennsylvania community Chambersburg from Coastal Equities. Milbrook paid roughly $20.35 million for the shopping center, according to Franklin County real estate records.

Franklin Center, located at 1320 Lincoln Way East, originally opened in 1990 and was recently renovated in 2015. The 91.5%-leased shopping center is home to a dynamic mix of anchor tenants, including Dick's Sporting Goods, T.J. Maxx, Ulta Beauty, Petco and Ollie's Bargain Outlet, which account for 78% of gross property income, according to JLL. The property also includes value-add opportunities through future building expansion and multiple out-parcel pad site development.

While this is Milbrook's first purchase in Pennsylvania, the company has been active in New Jersey. Milbrook recently paid $47 million for the 189,773-square-foot Essex Mall at 907 Bloomfield Ave. in West Caldwell — its ninth retail center in the Garden State.

"The retail sector continues to attract strong interest from institutional, REIT and private capital. "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."

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