Chambersburg shopping center sells for more than $20M

Paula Wolf//June 27, 2022

JLL Capital Markets has closed the sale of Franklin Center, a 174,063-square-foot shopping complex in Chambersburg with tenants including Dick’s Sporting Goods and T.J. Maxx.

Manhasset, New York-based Milbrook Properties Ltd. purchased the asset for $20.35 million, BizNewsPA reported. JLL represented the seller, Coastal Equities, which is headquartered in Weston, Florida.

The retail center is at 1320 Lincoln Highway, Hamilton Township, less than half a mile from the Interstate 81 exit.

Opened in 1990 and renovated in 2015, Franklin Center is more than 91% leased. Among its other tenants are Ulta Beauty, Petco and Ollie’s Bargain Outlet. The property also can accommodate future expansion and multiple out-parcel pad site development.

“The Coastal Equities team did an excellent job re-establishing the property as a go-to retail destination within the market during redevelopment through lease executions with best-in-class, traffic-driving anchors,” Christopher Munley, JLL senior managing director, said in a release.

Senior Managing Director James Galbally added: “The retail sector continues to attract strong interest from institutional, REIT and private capital. We saw a tremendous amount of investor interest for Franklin Center due to its best-in-class tenancy in T.J.Maxx, Dicks and Petco as well its irreplaceable location within the Chambersburg market.”

Paula Wolf is a freelance writer

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