Franklin Mills Mall in Northeast Philadelphia is now on the market for sale.

Franklin Mall, previously known as Franklin Mills, located in Northeast Philadelphia, has been officially put up for sale as it grapples with diminished valuation and declining foot traffic. This transition comes in the context of a broader trend impacting shopping centers nationwide, where many are undergoing transformations or closing altogether.

Real estate brokerage Jones Lang LaSalle (JLL) has listed the property, offering a report detailing potential redevelopment opportunities that could include industrial and office uses. However, key tenant sites, such as Walmart and Sam’s Club, are not included in this sale. The site encompasses over 137 acres, an attractive prospect for prospective buyers considering both its location within a densely populated area and its potential for future growth through new developments.

Currently, Franklin Mall’s occupancy stands at approximately 68%, which may suggest some viability for retail operations. Nevertheless, visitor numbers have significantly decreased over the years, with reports indicating that the average lease duration for tenants is merely 1.7 years. The mall’s extensive one-story structure, spanning a mile long, presents substantial challenges for repurposing given its original retail design.

Experts note that the mall is unlikely to return to its former status as a shopping destination. While some envision potential residential or warehouse developments, existing zoning regulations primarily permit auto-oriented commercial uses. This has led to speculation regarding the need for zoning adjustments should the new ownership pursue residential projects.

Franklin Mall once thrived as an outlet shopping hub, attracting upwards of 20 million visitors annually during its peak in the 1990s. Since then, it has faced an ongoing struggle to maintain relevance amidst evolving retail landscapes. The property has seen its value plummet from approximately 0 million in 2007 to an estimated million today.

JLL’s listing emphasizes the property’s suitability for modern industrial development, potentially allowing for the creation of up to 1.4 million square feet of warehouse space, capitalizing on its advantageous location and accessibility. As the retail industry continues to shift, many former shopping centers are being reimagined for diverse uses, often incorporating residential elements—a strategy that reflects broader trends across both Pennsylvania and neighboring New Jersey.

While some regional malls have experienced revitalization through new ownership and investment, Franklin Mall’s fate remains uncertain. Analysts suggest that any successful redevelopment would likely necessitate significant demolition of the existing structure and a rethinking of the site’s purpose. Ultimately, the future of Franklin Mall may pivot towards becoming a parcel of land ripe for new investment, leaving behind its legacy as a once-bustling shopping center.

As potential buyers evaluate this offering, the listing promotes it as a strategic opportunity, merging existing mall operations with redevelopment prospects. They will need to balance the challenges presented by the current state of the property with the opportunities inherent in its location and zoning potential.