The Shops at Liberty Place, a retail space within the Liberty Place mixed-use complex in Center City, is now up for sale, writes Paul Schwedelson for the Philadelphia Business Journal.
Chicago-based Metropolis Investment Holdings owns the two-level shopping center at 1625 Chestnut Street, as well as the attached One Liberty Place, a 61-story, 1.1 million square foot office tower. No asking price has been announced for the property.
The Shops at Liberty Place is currently 78 percent occupied, with tenants having an average of five years still remaining on their leases. The complex was completed in 1990, shortly after One Liberty Place opened. Metropolis acquired both properties in 1999 as a combined asset for $250 million, paying $220 million for the tower and $30 million for the retail portion.
The 26,000-square-foot indoor mini-golf venue Puttshack and Bloomingdale’s department store serve as anchors for the retail complex, which also has businesses such as Jos. A. Bank, Victoria’s Secret, Bath & Body Works, Orangetheory Fitness, and GNC. The upper-level food court also includes popular outlets such as Chipotle, Bain’s Deli, Auntie Anne’s, and Saladworks among its tenants.
Tom Dempsey, head of asset management for Metropolis, said a potential sale would allow new ownership to bring fresh ideas and capital to the space.
Read more about The Shops at Liberty Place going on the market in the Philadelphia Business Journal.
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