Philadelphia's iconic retail hub, The Shops at Liberty Place, is hitting the market. Jones Lang LaSalle Americas has listed the 147,201 square foot mall for sale, marking a significant shift in the property's ownership. Located between the One and Two Liberty Place skyscrapers on Chestnut Street, the mall boasts an impressive 78% occupancy rate.
The Shops at Liberty Place serves as a cornerstone of Center City's retail scene, with over 14,000 vehicles and 19,200 pedestrians passing through its doors daily. The space is home to a diverse range of tenants, including Juan Pistolas, Saxby's, Victoria's Secret, OrangeTheory, Chipotle, Subway, Auntie Anne's, and Puttshack, the popular miniature golf course and restaurant that occupies 26,000 square feet.
While an asking price has not been disclosed, insiders suggest that new ownership could bring fresh capital and ideas to the property. According to Tom Dempsey, head of asset management for Metropolis, which owns both The Shops at Liberty Place and One Liberty Place, a potential sale would enable the company to focus on its core investment priorities, particularly its office portfolio.
The mall's relocation to the market is seen as a strategic move by Metropolis, which purchased the property in 1999 for $250 million. A sale could potentially provide a boost to the long-term success of the company's Philadelphia and Chicago offices, as well as other regional markets.
The Shops at Liberty Place serves as a cornerstone of Center City's retail scene, with over 14,000 vehicles and 19,200 pedestrians passing through its doors daily. The space is home to a diverse range of tenants, including Juan Pistolas, Saxby's, Victoria's Secret, OrangeTheory, Chipotle, Subway, Auntie Anne's, and Puttshack, the popular miniature golf course and restaurant that occupies 26,000 square feet.
While an asking price has not been disclosed, insiders suggest that new ownership could bring fresh capital and ideas to the property. According to Tom Dempsey, head of asset management for Metropolis, which owns both The Shops at Liberty Place and One Liberty Place, a potential sale would enable the company to focus on its core investment priorities, particularly its office portfolio.
The mall's relocation to the market is seen as a strategic move by Metropolis, which purchased the property in 1999 for $250 million. A sale could potentially provide a boost to the long-term success of the company's Philadelphia and Chicago offices, as well as other regional markets.
and i heard there's gonna be some new restaurants coming in too that would be awesome 
what do u think about this? should they sell or keep it as it is? 
i wonder who'll buy it? i've been to liberty place so many times with my friends for brunch at auntie anne's 
and shopping at victoria's secret 
this mall has such a great energy! maybe new owners will bring in some cool new stores or restaurants 
just heard that The Shops at Liberty Place is being sold... can't say I'm surprised. malls are dying everywhere else 
. think about it, 1999 they bought it for $250 million now the whole retail game has changed 
what if this sale doesn't bring in fresh capital? what if new owners just try to milk it for all it's worth 
And the food sounds amazing too! I've been meaning to try it out and it's great that they're expanding. I wonder if they'll come to the West Coast anytime soon... 
. Why is this happening now? The mall has been solid for years, why does Metropolis need the cash so badly that they're selling it? Is there something I'm missing about their financials? Also, what's up with the 78% occupancy rate - is that even realistic for a retail hub in Philly? And have they crunched the numbers to make sure this sale won't be a disaster for the local businesses that rely on it?
! I mean, can you imagine what new vibes they'll bring? Fresh capital and ideas are always a good thing, right? It's crazy to think that this iconic mall has been around since 1999 - it's been a Philly staple for so long! 
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but what if we could scale that energy to our entire living space? 
Just kidding, it's probably all about maximizing profits. 147,201 sq ft is a lot of retail space - hope whoever buys it knows how to make it shine. Those food court faves like Chipotle and Auntie Anne's must be having some serious withdrawal fits thinking about their future homes 
. This is how cities lose their character, you know?
. Don't get me wrong, new ownership could bring in some fresh ideas and money 
... can you imagine if they sell it to someone who doesn't know the area well? 
like, can you believe it? one of philly's most iconic spots is on the market?! interesting 
i'm rooting for the new owners to bring in some awesome brands and experiences that'll make it even more amazing than before 
Who knows, maybe it'll even attract more people to Center City! 
. i'm curious to see who ends up buying it and what changes they'll make. maybe we'll get more cool restaurants and shops added! 