South Central Pennsylvania regional retail center trades
JLL Capital Markets closed the sale of Franklin Center located in Chambersburg
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.
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 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Coastal Equities
For more than 40 years, Coastal Equities has been one of the most active real estate companies, specializing in investment, development, syndication opportunities and management of retail shopping centers.
About Milbrook Properties Ltd
Milbrook Properties Ltd is a real estate management, acquisition and development company with quality, income-producing properties. The multi-generation, family-owned and operated company, Milbrook Properties stands apart as a real estate organization featuring a full-time, hands-on system of supervision, maintenance and leasing. The company operates with a high degree of efficiency, cost-effectiveness, and professionalism.