The Shops at Liberty Place, a significant retail complex situated in Center City Philadelphia, has officially been listed for sale, presenting an opportunity for potential investors. The property, which spans over 147,000 square feet across two skyscrapers, is marketed as one of Philadelphia’s prime shopping destinations. According to the Philadelphia Business Journal, the listing by Jones Lang LaSalle Americas does not specify a selling price, indicating a strategic move to attract serious buyers.
Located on Chestnut Street, the complex benefits from high pedestrian and vehicle traffic. The area surrounding One and Two Liberty Place comprises more than 3 million square feet of office and residential space. The listing highlights that annual commuter and visitor traffic has surpassed 5.1 million in recent years, reinforcing the site’s attractiveness to retailers. Notably, it sits at one of Philadelphia’s most congested intersections, with over 14,000 vehicles passing through daily.
The current occupancy rate of The Shops at Liberty Place stands at 78%, hosting more than 30 tenants. Prominent retailers include Bloomingdale’s and entertainment venue Puttshack, while the food court features well-known brands such as Auntie Anne’s and Subway.
This sale comes at a time when the local retail landscape is experiencing challenges. Recently, Franklin Mall in Northeast Philadelphia was also put on the market after suffering declines in foot traffic and tenant occupancy. The mall, with a vast 1.6 million-square-foot footprint, is seen as a potential candidate for redevelopment.
The Shops at Liberty Place was acquired by Metropolis in 1999 for $250 million, which included $220 million for One Liberty Place and $30 million for the retail segment. Meanwhile, Coretrust Capital Partners currently owns Two Liberty Place.
The recent closure of the Macy’s store in the historic Wanamaker Building, which had served the community for 149 years, is indicative of broader retail struggles in the area. In the year leading up to its closing, the building reported 280 retail thefts, resulting in approximately $56,000 in profit losses.
As the market for commercial real estate continues to evolve, The Shops at Liberty Place stands out as a notable opportunity for investors seeking to capitalize on one of Philadelphia’s key retail hubs.
