Philadelphia’s second-largest mall is slated for a nine-figure transformation.
Local developer Dean Adler is in contract to purchase the Franklin Mall from Simon Property Group and Farallon Capital Management, Bisnow reported. It’s unclear how much Adler is putting out to purchase the property, but he’s planning a total investment of roughly $100 million.
Simon and Farallon put the 1.6-million-square-foot property up for sale late last year, tapping JLL to market the mall. It opened in 1989 and became a commerce hub in Northeast Philadelphia, but has struggled in recent years and is only 68 percent leased, according to the Philadelphia Business Journal, sporting a trio of big-box vacancies…