Franklin Mall, the Far Northeast Philadelphia shopping center most people still call Franklin Mills, is on the market after years of falling property values, shrinking foot traffic and dwindling cash flow.
A listing from real estate brokerage Jones Lang LaSalle pitches the 137-acre site at Knights and Woodhaven Roads for continued retail use or redevelopment into industrial, office or warehouse space. The parcels that include Sam’s Club and Walmart are not part of the sale.
From 20 million visitors to 5.6 million
The 1.8-million-square-foot mall opened in 1989 as the largest outlet mall ever built, with a zigzag-shaped concourse stretching 1.2 miles. In its 1990s peak it drew 20 million visitors a year. That number has fallen to 5.6 million, according to JLL.
Occupancy now stands at about 65.4 percent, and the average existing lease runs only another 1.7 years. Cash flow last year was $9.5 million, the lowest since Simon Property Group took over in 2007, down from $17.5 million in 2019. Real estate analytics firm Morningstar Credit reported that cash flow has dropped even further this year…