Franklin Mall's Decline Leads to Sale Amid Plans for Industrial Redevelopment
In a significant shift, the Franklin Mills mall in Northeast Philadelphia is up for sale after years of declining fortunes. Once a premier shopping destination, the 36-year-old mall now boasts only 68% occupancy and has lost major tenants like AMC movie theater, Forever 21, and Sam Ash music store. The property, listed by real estate firm JLL, does not reveal its asking price.
The 170-acre site, which includes Dave & Buster's, Burlington, and Marshalls as the remaining anchors, is a far cry from its former glory. The mall, designed in the shape of Benjamin Franklin's lightning bolt kite experiment, once featured an animatronic Ben Franklin head suspended from the ceiling. Today, stretches of vacant storefronts and minimal foot traffic characterize the atmosphere.
The property was purchased by Simon Property Group and Farallon Capital Management in 2007 for $290 million. After a $201 million appraisal in 2012, the mall's value plummeted to $76 million last year. The loan on the property matured with a remaining balance of $244 million.
Franklin Mall is not alone in its struggles. Other malls in the region are facing redevelopment plans, including the Neshaminy Mall in Bucks County and Exton Square Mall in Chester County. In Montgomery County, the Plymouth Meeting Mall is being sold as part of a plan to create housing, athletic fields, and community centers alongside retail.
As the commercial real estate market continues to evolve, the fate of Franklin Mills remains uncertain. Will it find new life under industrial redevelopment or remain a testament to the past glories of Northeast Philadelphia's shopping scene?
In a significant shift, the Franklin Mills mall in Northeast Philadelphia is up for sale after years of declining fortunes. Once a premier shopping destination, the 36-year-old mall now boasts only 68% occupancy and has lost major tenants like AMC movie theater, Forever 21, and Sam Ash music store. The property, listed by real estate firm JLL, does not reveal its asking price.
The 170-acre site, which includes Dave & Buster's, Burlington, and Marshalls as the remaining anchors, is a far cry from its former glory. The mall, designed in the shape of Benjamin Franklin's lightning bolt kite experiment, once featured an animatronic Ben Franklin head suspended from the ceiling. Today, stretches of vacant storefronts and minimal foot traffic characterize the atmosphere.
The property was purchased by Simon Property Group and Farallon Capital Management in 2007 for $290 million. After a $201 million appraisal in 2012, the mall's value plummeted to $76 million last year. The loan on the property matured with a remaining balance of $244 million.
Franklin Mall is not alone in its struggles. Other malls in the region are facing redevelopment plans, including the Neshaminy Mall in Bucks County and Exton Square Mall in Chester County. In Montgomery County, the Plymouth Meeting Mall is being sold as part of a plan to create housing, athletic fields, and community centers alongside retail.
As the commercial real estate market continues to evolve, the fate of Franklin Mills remains uncertain. Will it find new life under industrial redevelopment or remain a testament to the past glories of Northeast Philadelphia's shopping scene?
!! i mean we went 2 amberside & it was empty as heck 
& i saw a guy crying in the food court 
like what happened to that place?!?! 
u no i feel bad for ppl who lost their jobs @ AMC lolol they were so nice 2 me 
anywayz i heard it's been sold 2 these new ppl who r gonna turn it into an industrial zone w/ factories & stuff 
idk if thats a good idea but hey at least its not a total waste of space rn 
This is super disappointing, you know? I used to love hitting up Franklin Mills with my friends back in the day. We'd spend hours trying on clothes at Forever 21 and eating at Dave & Buster's... those were the days! 
It's like, what happened to all the shopping? I know some people might say it's just progress and industrial redevelopment, but it still stings to see something that brought so much joy to so many people get torn down. 
i remember going there w/ my fave aunties back in the day and now its just... empty spaces 
170 acres of nothingness 
how much did it sell 4?! $244 million is crazy lol, guess that's what happens wen u pay too much 4 a property 
anyway, industrial redevelopment sounds like a solid plan, maybe they'll bring in some new vibes and make it relevant again 
but sadly its hard 2 see the old franklin mills magic 
but now it just looks so abandoned like what happened?! did they not market it properly or was it always meant to be industrialized? 
this is so sad man... i mean, franklin mills used to be like, the mecca of shopping in northeast philly. now it's just a shadow of its former self. $244 million loan, that's crazy 
anyway, industrial redevelopment might be a good thing, but i don't know if it'll save this place. i mean, have you seen those vacant storefronts? 
it's just not inviting anymore. maybe they should've thought of that before they started building so much retail 
.
. Do you think we'll ever see Franklin Mall as it was back in the day? 
. But seriously, 36 years is a long time for any business to stay relevant. I mean, where were we shopping when Franklin Mills was still the place to be? The '80s? That's like, ancient history 
. Anyway, industrial redevelopment could be a good thing – at least it'll get some new life into that old property. Maybe they can turn it into a giant storage facility and charge people rent for storing their grandma's attic stuff 
. Just kidding, sort of 
.
. now it's just empty storefronts and nobody seems to care. i remember when we were still young and got to see that cool animatronic ben franklin head 
, wow! those were the days... 
Industrial redevelopment is probably the way to go, but you never know... maybe some cool new concept will come along and make it awesome again 
!