Philadelphia's iconic shopping hub, The Shops at Liberty Place, has hit the market. Jones Lang LaSalle Americas has listed the mall for sale, marking a significant shift in ownership.
Spanning an impressive 147,201 square feet along Chestnut Street between 16th and 17th streets, the mall boasts a rich retail history. Currently operating at 78% occupancy, its tenants include popular brands such as Juan Pistolas, Saxby's, Victoria's Secret, and OrangeTheory. This past year, Puttshack took over nearly 26,000 square feet of space, bringing a miniature golf course and restaurant to the mall.
The Shops at Liberty Place sits in high-traffic area known for its foot traffic. Approximately 14,000 vehicles and 19,200 pedestrians pass through every day, making it an attractive location for retailers.
Metropolis, Chicago-based owners of One Liberty Place and The Shops, is looking to capitalize on the sale by focusing on its core investment priorities, particularly its office portfolio in major cities across the US. According to Tom Dempsey, head of asset management for Metropolis, a new ownership could bring fresh ideas and capital to support the mall's continued success.
The asking price remains undisclosed, but sources close to the matter suggest that it will be substantial given the property's unique position at the heart of Center City Philadelphia.
Spanning an impressive 147,201 square feet along Chestnut Street between 16th and 17th streets, the mall boasts a rich retail history. Currently operating at 78% occupancy, its tenants include popular brands such as Juan Pistolas, Saxby's, Victoria's Secret, and OrangeTheory. This past year, Puttshack took over nearly 26,000 square feet of space, bringing a miniature golf course and restaurant to the mall.
The Shops at Liberty Place sits in high-traffic area known for its foot traffic. Approximately 14,000 vehicles and 19,200 pedestrians pass through every day, making it an attractive location for retailers.
Metropolis, Chicago-based owners of One Liberty Place and The Shops, is looking to capitalize on the sale by focusing on its core investment priorities, particularly its office portfolio in major cities across the US. According to Tom Dempsey, head of asset management for Metropolis, a new ownership could bring fresh ideas and capital to support the mall's continued success.
The asking price remains undisclosed, but sources close to the matter suggest that it will be substantial given the property's unique position at the heart of Center City Philadelphia.
. I mean, can't they just let it stay as is? The Shops at Liberty Place has so much character and history, you know? And now some big corporation like Metropolis is coming in to "freshen things up" and probably going to turn it into a soulless food court nightmare 
. I swear, every time a historic landmark like this gets sold, it's just an opportunity for greedy developers to make a quick buck without caring about preserving the community vibe 
. And what's with Puttshack? Mini golf and a restaurant in a mall that's supposed to be all about shopping? Just feels so...out of place 
. Anyway, can't wait to see who ends up buying it and how they'll "improve" the space 
. i think its going to attract some big bidders, especially with its prime location in philly's center city area. but on the other hand, does this mean we're gonna see more of these old-school malls being torn down for new developments? 
i'm also curious about what kind of fresh ideas and capital will come to the table when a new ownership takes over - will it be a good thing or a bad thing for local retailers? 
The Shops at Liberty Place is finally on the market! I've been going there since i was a kid and its like a rite of passage for philadelphians to hit up that mall. anyway, i think its awesome that metropolis is looking to sell it - they must be feeling the pinch with all their office investments 
. a new ownership could bring some fresh energy to the place and maybe even attract more tenants... like OrangeTheory already did! 
but honestly who knows what the future holds for that mall?
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. What do you guys think, are we gonna lose that Philly vibe or can new owners keep it real?
I mean, who wouldn't want a piece of Philly's iconic shopping hub? They're already gettin' some major interest from new owners and investors, fingers crossed they bring in some fresh ideas to keep the mall poppin'! With that foot traffic count, it's def a prime location for retailers 
, some people r worried about the miniature golf place Puttshack tho 
, I mean its cool n all but is that really what Philly needs more of? 
. Still, I mean, can you blame Metropolis for trying to cash out? Their office portfolio sounds like it's doing pretty well... Meanwhile, Juan Pistolas and Saxby's are still here, holding on to that sweet retail history 
The fact that Metropolis is looking to offload its non-core assets (office portfolio) makes sense, but I hope whoever buys this mall brings in some new and exciting tenants to keep it fresh! Fresh ideas and capital will definitely help Liberty Place stay on top. 
its interesting that they're focusing on selling office buildings too - do u think they'll sell liberty place quickly or try to attract new buyers?
it was like, the ultimate hangout spot with friends after school. I remember spending hours there browsing through Victoria's Secret and trying on silly outfits 
. Either way, I hope they don't get rid of Saxby's 
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but honestly, with 78% occupancy already, it seems pretty stable to me 
not sure if the asking price is gonna be too steep tho 
anyway, it's no surprise that Metropolis wants to focus on its office portfolio but still gotta feel bad for the tenants who might get kicked out or priced out by new ownership 
78% occupancy is pretty sweet, btw. I hope whoever buys it brings in some new retailers and keeps the vibes going strong 
One thing tho, why can't they just renovate instead of selling? I mean, it sounds like this place has got loads of character. Guess we'll just have to wait and see what happens next 
I mean, who would want to sell a mall in such an amazing location? It's like selling a part of Philly's heart 
. I'm really worried that whoever buys it will just turn it into some generic, soulless big box store 
The thought of fresh ideas and capital pouring in is exciting, but I'll believe it when I see it 
!