The Shops at Liberty Place, a prominent shopping destination in Center City, Philadelphia, has been listed for sale by Jones Lang LaSalle Americas. The iconic mall, situated between Two and One Liberty Place skyscrapers, covers 147,201 square feet of space along Chestnut Street.
The listing does not disclose an asking price, but according to the real estate firm, the mall is at a comfortable 78% occupancy rate with tenants averaging around five years remaining on their leases. The current shops include popular brands such as Juan Pistolas, Victoria's Secret, and OrangeTheory, while Puttshack, a miniature golf course and restaurant, recently took over a significant portion of space.
The Chestnut Street retail corridor is a bustling hub for foot traffic, with over 14,000 vehicles and 19,200 pedestrians passing by the Shops every day. The mall's location makes it an attractive asset for potential buyers looking to capitalize on its high visibility.
Metropolis, a Chicago-based company, owns both the mall and One Liberty Place, which was purchased in 1999 for $250 million. While Metropolis has managed to maintain the mall's occupancy rate, the company is considering selling the Shops as part of its long-term strategy to focus on its office portfolio and invest in new ideas.
According to Tom Dempsey, head of asset management for Metropolis, a potential sale could allow new ownership to build on the momentum of the shopping center while enabling Metropolis to concentrate on its core investment priorities. With fresh capital and innovative ideas, a new owner may be able to enhance the mall's appeal and drive even higher occupancy rates.
The listing does not disclose an asking price, but according to the real estate firm, the mall is at a comfortable 78% occupancy rate with tenants averaging around five years remaining on their leases. The current shops include popular brands such as Juan Pistolas, Victoria's Secret, and OrangeTheory, while Puttshack, a miniature golf course and restaurant, recently took over a significant portion of space.
The Chestnut Street retail corridor is a bustling hub for foot traffic, with over 14,000 vehicles and 19,200 pedestrians passing by the Shops every day. The mall's location makes it an attractive asset for potential buyers looking to capitalize on its high visibility.
Metropolis, a Chicago-based company, owns both the mall and One Liberty Place, which was purchased in 1999 for $250 million. While Metropolis has managed to maintain the mall's occupancy rate, the company is considering selling the Shops as part of its long-term strategy to focus on its office portfolio and invest in new ideas.
According to Tom Dempsey, head of asset management for Metropolis, a potential sale could allow new ownership to build on the momentum of the shopping center while enabling Metropolis to concentrate on its core investment priorities. With fresh capital and innovative ideas, a new owner may be able to enhance the mall's appeal and drive even higher occupancy rates.
... who needs all that modern tech when you can just walk down Chestnut Street and see some old-school charm? The Shops at Liberty Place has been a staple in this area for ages, and it's crazy to think that Metropolis might actually sell it off. I mean, what would they know about keeping a mall relevant, right? 
On a more serious note, though, it's always bittersweet when an old favorite goes up for sale... you never really know what the new owners will bring to the table. Would love to see some hipsters or indie brands come in and revamp the whole vibe 
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The Shops at Liberty Place has been around for ages, it's like a piece of Philly history 
. I've spent so many afternoons shopping there with friends or just grabbing lunch at Puttshack 
. If someone new buys the mall, it could be good or bad... I hope they keep all the cool brands and stuff 
. The traffic in Center City is crazy 
We'll see what happens 
It's great that they're looking to pass on the reins to someone who can bring fresh ideas and invest in new concepts. Puttshack is a cool addition by the way! 
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I wonder what will happen to the mall if Metropolis sells it. Will they be able to get a new owner who can make it even better than before? Maybe someone with really cool ideas for mini golf courses or something? 
. You know? We put in work, build something up, and then wonder what happens next 
. It's like Metropolis is passing the torch to a new owner and hoping they can take things to the next level 
. But here's the thing: it's not about the person holding the torch, it's about the ideas and energy behind them 
. What kind of magic do you want to bring to your own space? How can you use that momentum to create something new and amazing? That's what I'm hoping our new owner can do with The Shops at Liberty Place 
they should sell it to someone who can make more of it, you know? all these people passing by every day is a huge asset... new owner could do some cool stuff with that like maybe even add some entertainment options or something 
. I think it's crazy that Metropolis is considering selling it - it's been a staple on Chestnut St for ages! 
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to optimize foot traffic and create a more seamless shopping experience?
Plus, with Puttshack and all those other new tenants, there's already a cool energy going on. Fingers crossed a new owner comes in with fresh ideas and doesn't mess with what makes it special 
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... like, why do they still have those big ol' anchor stores taking up so much space? It's just going to scare off the trendy brands and startups that could really bring some life to the area 
. And can we talk about how Metropolis just wants to pawn off this asset because they're "focusing on their office portfolio" 
The location can't be beat, though - Center City is always bustling with people. Fingers crossed that whoever buys it will keep the momentum going!