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  • These old Exton offices are becoming ‘hotel-apartments’

    These old Exton offices are becoming ‘hotel-apartments’

    While the battle rages over how much redevelopers should cram into the former Exton Mall site, investors on the ridge just to the north have turned one of Great Valley’s vacant office buildings into a suburban rarity: 24 studio and 8 single-bedroom apartments.

    They’re equipped with kitchens, bathrooms, and washer/dryers, and they’re being marketed as monthslong hotel accommodations for consultants and visitors to nearby employers.

    The owners, a group led by Main Line real estate lawyer David McFadden, broker John McGee, and investment partner Chiu Bai, hope the building, which they’re calling the Flats on 100, will be a model for reusing orphan buildings that stud the Great Valley and other suburban office, industry, and retail zones.

    David McFadden of Chester Springs (left) and John McGee of Wayne are co-partners and owners of the Flats on 100 in Exton.

    The trio picked up the 53-year-old, 30,000-square-foot building and grounds at 319 N. Pottstown Pike (State Route 100) in 2023 for $1.5 million from family-owned Kelsch Disability Services.

    “Fifty bucks a [square] foot” seemed like a bargain, even though the partners didn’t have specific plans for it, McFadden said.

    “Office buildings are being given away these days. What do we do with them when there’s no demand for office space?” he said. “At the right discount, developers can afford to turn them into something sustainable that people want.”

    As offices, the building was broker-rated Class C, the least desirable. The partners paid cash, figuring they could borrow millions for capital improvements if they could show lenders a credible plan to turn it into something more profitable.

    “We got lucky with the zoning,” McFadden said. West Whiteland’s “town center” designation allows a wide range of uses.

    The partners chose what McFadden calls “hotel-apartments.” He compared it to projects built by Level Hotels & Furnished Suites, with locations in Chicago and the West Coast, and by family-owned, locally based Korman Communities’ AVE Living, with its furnished apartments at Philadelphia’s Navy Yard and other local sites.

    McFadden says the model offers “a place that feels like home, with the amenities of larger buildings but a boutique feel.” The units are fully furnished, including appliances, dishes, and linens, as well as cleaning and other services as requested.

    Lender Trupert Ortlieb from TruMark Financial, one of the area credit unions bulking up with business loans, arranged $5.7 million in financing for capital improvements.

    The outside of the Flats on 100 apartments, a redevelopment of a commercial building.

    Contractors demolished and replaced interior walls; added sprinklers, triple-glazed windows, and insulation; and replaced heating and air-conditioning. The reclad of the interior with aluminum finished like pine was picked up by Chiu in China for $30,000 (half that for the materials, $4,000 for shipping, and $11,000 to cover tariffs).

    Because the project qualifies as a hotel, it could add a liquor license without the higher cost of a tavern license. A first-floor retail space has been leased to a dentist.

    The partners expect interest from nearby employers such as Vanguard Group, QVC, West Pharmaceutical Services, and Accenture.

    The Fairfield shopping center, with a Giant supermarket, fast-casual restaurants, and retail stores, is within walking distance. The Exton SEPTA Regional Rail station is two miles down Pottstown Pike.

    Seeking light in what had been gloomy space, the developers brought in architect Martin Kimmel from Blue Bell. He persuaded them to replace half “gun-slit” windows with 5-foot-wide glass sheets, which turned out to be more work than expected, trimming 12-inch blocks topped by 4-inch bricks.

    Other amenities include a barbecue pit, an outdoor dog walk, a pet-washing room, basement fitness center, conference room, bar, pool table, and walk-on services like massage and physical therapy.

    This space in the studio apartment can be used as a sitting area or a bedroom.
    The Ori bed lowers from the ceiling for sleeping.

    Kimmel and the partners looked at New York apartment plans to see how many one-person units they could fit into the three stories. Beds could be stowed for work-at-home hours, but “we didn’t want those old fold-out Murphy beds,” McFadden said.

    They bought canopy beds from Hasier Larrea’s Ori flexible-furniture-systems firm. The beds lower from the ceiling onto couch bases, plus facing rows of shelves can open as a walk-in closet. The bed controls, like the digital room locks, are remote-accessible and have manual overrides in case of power failure.

    The narrow building admits more light for that suburban feel.

    “Not every office building converts well to apartments,” McGee said. “This was perfect — 65 feet deep, you have a central corridor with apartments. If it were 200 feet deep, you’d have very narrow apartments with one window at the end.”

  • P.J. Whelihan’s restaurant group may move into a former Iron Hill Brewery

    P.J. Whelihan’s restaurant group may move into a former Iron Hill Brewery

    The company that owns P.J. Whelihan’s may be moving into a former Iron Hill Brewery in Bucks County.

    PJW Opco LLC, which is registered at the headquarters of PJW Restaurant Group, was approved to take over a lease for the shuttered Iron Hill in Newtown, effective Dec. 31, according to documents filed in U.S. Bankruptcy Court in New Jersey.

    PJW marketing director Kristen Foord declined to comment.

    The nearly 8,000-square-foot brewpub in the Village at Newtown shopping center has sat empty since September, when Iron Hill abruptly closed all its locations and filed for liquidation bankruptcy. The Newtown Iron Hill had been among the chain’s newest locations, having opened in 2020.

    A view from the outside looking in on the closed Iron Hill Brewery in West Chester in October.

    Brixmor Property Group, which owns the Village at Newtown, is “excited about what’s in the works” for the former Iron Hill space, spokesperson Maria Pace said in a statement, but she declined to share details.

    The court documents did not indicate PJW’s plans for the Newtown site.

    PJW’s most well-known franchise is P.J. Whelihan’s, the regional bar-restaurant chain that started in the Poconos in 1983. There are now 25 P.J. Whelihan’s locations from Harrisburg to Washington Township, with the vast majority in the Philadelphia area.

    Haddon Township-based PJW also owns the Pour House, which has locations in Exton, North Wales, and Westmont, Haddon Township; the ChopHouse in Gibbsboro; the ChopHouse Grille in Exton; Central Taco & Tequila in Westmont; and Treno, also in Westmont.

    The P.J. Whelihan’s on Route 70 in Cherry Hill.

    As 2026 gets underway, Iron Hill’s bankruptcy case continues to make its way through the courts. In recent weeks, Iron Hill’s leases in Exton, Maple Shade, and North Wales were formally rejected, according to court documents. That means these empty breweries are getting closer to finding new tenants.

    At the Shops at Eagleview in Exton, landlord Suresh Kagithapu is already advertising the nearly 20,000-square-foot taphouse and production facility that Iron Hill vacated.

    “Any out-of-town brewery with plans to leverage existing brewery infrastructure and scale its operations in the region would be a good fit, as it would save significant tenant improvement costs,” Kagithapu said in a statement. “I also believe a grocery store would serve the community very well.”

    The Iron Hill Brewery TapHouse in Exton is pictured in 2020. After Iron Hill’s bankruptcy, the Exton landlord is seeking a new tenant for the massive space.

    In West Chester, landlord John Barry is also on the hunt for a new restaurateur to take over prime real estate long occupied by Iron Hill.

    On Christmas Eve, Barry, a Massachusetts-based real estate investor, inked a deal to buy the liquor license and all interior assets of the location at the borough’s central corner of High and Gay Streets.

    “It will not be reopening as Iron Hill Brewery,” Barry said in a recent interview. “My goal would be to find something similar,” though not necessarily a brewery.

    Barry purchased the assets from Jeff Crivello, the former CEO of Famous Dave’s BBQ, who in November was approved by a bankruptcy judge to revive 10 Iron Hills under the same name or as a new concept. Barry and Crivello declined to disclose the financial details of the West Chester deal.

    Pedestrians walk by the closed Iron Hill Brewery in West Chester in October.

    Crivello said he has since sold the assets of the South Carolina Iron Hills — in Columbia and Greenville — to Virginia-based Three Notch’d Brewing Co.

    The Newtown location was originally among the locations of which Crivello was approved to buy the assets, pending negotiations with landlords. Court documents indicate the asset sale was put on hold amid a landlord objection.

    Founded in Newark, Del., Iron Hill Brewery operated for nearly 30 years, earning a reputation as a local craft-brewing pioneer and a family-friendly mainstay in the Philadelphia suburbs. In recent years, the chain had expanded into South Carolina and Georgia and had announced plans to open a Temple University location that never materialized.

    When brewery executives filed for bankruptcy, they reported that they owed $20 million to creditors and had about $125,000 in the bank.

  • A look back at Philly-area businesses that didn’t survive 2025

    A look back at Philly-area businesses that didn’t survive 2025

    Last year, you may have celebrated Christmas or New Year’s with a meal at an Iron Hill Brewery.

    At the time, your holiday preparations may have included trips to Joann fabrics or Party City, which was having its going-out-of-business sale. You may have stopped for medicines and other toiletries at Rite Aid.

    This year, however, you can’t go to any of those places: All of these businesses served their last customers in 2025.

    Here’s a look back at a few of the notable Philly-area businesses that closed in the past year.

    RIP to Rite Aid

    The then-still open but scheduled to be closed Rite Aid store on Clements Bridge Road in Barrington on July 13. The store’s pharmacy closed on July 7.

    It didn’t come as a total surprise when Rite Aid filed for its second bankruptcy in less than two years.

    The Navy Yard-based pharmacy chain had closed dozens of locations in recent years. Even after it emerged from its first bankruptcy in September 2024, shelves meant to be filled with drugstore essentials — such as cold medicines and pain relievers — remained bare at some stores.

    In filing for bankruptcy again, Rite Aid announced that it would be closing or selling all locations. At the time, it had about 1,000 stores nationwide, including about 100 in the Philadelphia region.

    The rise and fall of Rite Aid

    Across Pennsylvania and New Jersey, thousands of Rite Aid workers lost their jobs. Some, like Angela Gardin, also said bittersweet goodbyes to regular customers.

    Gardin, assistant manager at the Queen Village Rite Aid, was moved to tears by customers’ handwritten thank you notes, which were scrawled on pieces of paper and taped to the store’s front window in its final months.

    By late August, all Pennsylvania and New Jersey Rite Aids had shut their doors for good, sending prescriptions to CVS, Walgreens, or other local pharmacies of a customer’s choosing.

    The closures further exacerbate pharmacy access issues, especially for lower-income Philadelphians who don’t have cars. People in more isolated rural areas are also impacted: The 46,000 residents of Perry County, west of Harrisburg, lost half their pharmacies when their three Rite Aids closed.

    Adieu to Iron Hill Brewery

    A view from the outside looking in of a shuttered Iron Hill Brewery in West Chester in October.

    Iron Hill Brewery’s closure was so abrupt that fans didn’t even get to raise one last pint to the regional chain.

    On a Thursday morning in late September, the nearly 30-year-old company, considered by many to be a pioneer of the local craft-brewing scene, announced that its brewpubs had closed their doors for the last time.

    The news left 16 massive Iron Hill shells, including in Center City, Exton, Huntingdon Valley, Maple Shade, Media, Newtown, North Wales, West Chester, and Wilmington. Earlier in September, the company had closed locations in Chestnut Hill and Voorhees, as well as its flagship brewery in Newark, Del.

    The closed Iron Hill Brewery in Maple Shade in September.

    Bankruptcy filings shed more light on the Exton-based company’s financial straits: Iron Hill owed more than $20 million to creditors and had about $125,000 in the bank.

    In November, a bankruptcy judge approved an offer by Jeff Crivello, the former CEO of Famous Dave’s BBQ, to resurrect 10 Iron Hills, including in Center City and West Chester, pending landlord negotiations. The restaurants could be reopened as Iron Hills or as other brands.

    Crivello said he plans to reopen the Rehoboth Beach brewpub — as well as the Iron Hill restaurants in Columbia and Greenville, S.C. — as locations of Virginia-based Three Notch’d Brewing Co.

    The fates of the other ex-Iron Hills will be determined in the bankruptcy process. Brewing equipment, furniture, and other items from the closed restaurants were auctioned off earlier this month.

    Mainstays say goodbye in the Philly burbs

    Gladwyne Market as pictured in October.

    Local chains weren’t the only business casualties of 2025.

    Main Line residents lost Lower Merion-based Maxwell Taxi Cab Co. in February, marking the end of an era for suburban-based cabs. Maxwell, which had operated for more than 50 years, was later acquired by a Bryn Mawr-based limo service called ML Car Service Ltd.

    Also in Lower Merion, consumers lost the Gladwyne Market, a community grocery store.

    In South Jersey, the Bistro at Cherry Hill, a beloved restaurant that operated in a 1,200-square-foot mall kiosk for 27 years, closed abruptly in July.

    At the time, the restaurant’s president, Andy Cosenza, said the closure was due to a communication “breakdown” that had resulted in his voluntary Chapter 11 bankruptcy petition being converted to a Chapter 7, or liquidation, without his knowledge. Since then, however, Cosenza has been indicted on charges of tax fraud. The Bistro has remained closed.

    In the city, the Macy’s in the Wanamaker Building closed in March, as did the Macy’s at the near-dead Exton Square Mall. And the latest iteration of Olde Bar, most recently an event venue in the historic Bookbinder’s building, shut its doors this summer.

  • 18 ways to ring in the new year in Chester County

    18 ways to ring in the new year in Chester County

    The countdown to 2026 is on, and there’s no shortage of ways to celebrate the end of one year and the start of another. From New Year’s Eve dinner specials to adults-only celebrations and family-friendly gatherings, here’s how to ring in the new year in Chester County.

    New Year’s Eve Events for Adults

    New Year’s Eve at Fenix Bar & Lounge

    Festivities kick off at 5 p.m. with an $8 martini happy hour, followed by music from New Orleans-style jazz band Gumbo Nouveau from 7 to 10 p.m. Festivities continue at Molly Maguire’s after that.

    ⏰ Wednesday, Dec. 31, 5 p.m.-2 a.m. 💵 Pay as you go 📍Fenix Bar & Lounge, 193 Bridge St., Phoenixville; Molly Maguire’s, 197 Bridge St., Phoenixville

    Bistro on Bridge in Phoenixville is hosting a party to celebrate the new year.
    New Year’s Eve Party with DJ Q-Ball and Mike Balik

    Bistro on Bridge will have tunes, party favors, and a champagne toast at midnight during this 21-and-over event.

    ⏰ Wednesday, Dec. 31, 8 p.m.-1 a.m. 💵 Pay as you go 📍Bistro on Bridge, 212 Bridge St., Phoenixville

    New Year’s Party at Rec Room

    Conshohocken Brewing Company’s brewpub and gaming room will have performances from local bands Sun Blind, Florida Wayne Band, and Still Burning, followed by a champagne toast at midnight.

    ⏰ Wednesday, Dec. 31, 8 p.m.-midnight 💵 $15 📍Rec Room, 230 Bridge St., Phoenixville

    The Laugh Lounge at Uptown! New Year’s Eve Edition

    Comedians Chris Coccia and headliner Julia Scotti will perform sets as the clock ticks toward midnight. Tickets include a drink to toast the new year.

    ⏰ Wednesday, Dec. 31, 8 p.m. 💵 $45 📍Uptown! Knauer Performing Arts Center, 226 N. High St., West Chester

    New Year’s Eve Celebration with The Influence

    Celebrate the end of one year with throwback tunes from another. The Influence, a 1980s tribute band, will play hits throughout the night at this 21-and-over event, and wrap up in time for Kennett Square’s mushroom drop.

    ⏰ Wednesday, Dec. 31, 8:30-11 p.m. 💵 $40 📍Kennett Flash, 102 Sycamore Alley, Kennett Square

    The Colonial Theatre will be transformed into Moulin Rogue for its New Year’s Eve celebration.
    New Year’s Eve at the Moulin Rouge

    Phoenixville Mayor Peter Urscheler will host a fundraiser for the Colonial Theatre, which will resemble Paris’ famous cabaret, Moulin Rouge. The 21-and-over event includes food, drinks, and a champagne toast at midnight.

    ⏰ Wednesday, Dec. 31, 9 p.m.-12:30 a.m. 💵 $175-$225 📍The Colonial Theatre, 227 Bridge St., Phoenixville

    NYE Midnight Mixtape

    Stove & Tap’s throwback party will feature music from across the decades, an open bar, a late-night buffet, a disco ball, dancing, and a champagne toast.

    ⏰ Wednesday, Dec. 31, 9 p.m.-1 a.m. 💵 $75 📍Stove & Tap, 158 W. Gay St., West Chester

    Family-Friendly New Year’s Eve and New Year’s Day Events

    Have a Ball! New Year Family Event

    In advance of the holiday, kids can create their own party kit, including a noisemaker and a hat. There will also be cookie decorating and themed games.

    ⏰ Saturday, Dec. 27, 11 a.m.-2:30 p.m. 💵 $10 📍Chester County History Center, 225 N. High St., West Chester

    Longwood Gardens will have musical performances on the last day of the year.
    New Year’s Eve at Longwood Gardens

    Explore the gardens, which are decked out for the holidays, as a number of musicians perform throughout the grounds, including an organist, from 4 to 10 p.m. Timed reservations are required.

    ⏰ Wednesday, Dec. 31, 10 a.m.-10 p.m. 💵 $25-$45 for nonmembers, free for members 📍Longwood Gardens, 1001 Longwood Rd., Kennett Square

    Studio 323’s Noon Year’s Eve Celebration

    Kids can make their own party hats and noisemakers, listen to music, dance, enjoy food, and participate in a balloon and confetti drop at noon.

    ⏰ Wednesday, Dec. 31, 10 a.m.-1 p.m. 💵 $49 📍Studio 323, 323 Bridge St., Phoenixville

    Noon Year’s Eve at the Henrietta Hankin Branch Library

    The library will have dancing, activities, and a photo booth ahead of a countdown to noon for kids 10 and under. Registration is required.

    ⏰ Wednesday, Dec. 31, 11 a.m.-12:30 p.m. 💵 Free 📍Henrietta Hankin Branch Library, 215 Windgate Dr., Chester Springs

    Honey Brook Library’s New Year’s Eve Party

    Kids ages 4 to 12 can hear a story, make crafts, and count down to noon. Registration is required.

    ⏰ Wednesday, Dec. 31, 11 a.m.-1 p.m. 💵 Free 📍Honey Brook Library, 687 Compass Rd., Honey Brook

    Avon Grove Library’s New Year Countdown

    Celebrate the new year with a midday countdown and crafts at this drop-in event.

    ⏰ Wednesday, Dec. 31, 11:30 a.m.-12:15 p.m. 💵 Free 📍Avon Grove Library, 117 Rosehill Ave., West Grove

    Midnight in the Square

    The mushroom capital of the world will drop its signature lighted mushroom to mark the end of 2025 and the start of 2026. There will also be live music starting at 7 p.m. and a laser show.

    ⏰ Wednesday, Dec. 31, 8 p.m.-midnight 💵 Free with the donation of non-perishable food 📍Downtown Kennett Square

    New Year’s Day on the Farm

    Spend the first day of 2026 at Springton Manor Farm, which will have kids’ crafts, hot chocolate, and visits with its resident animals during this drop-in event.

    ⏰ Thursday, Jan. 1, 1-4 p.m. 💵 Free 📍Springton Manor Farm, 860 Springton Rd., Glenmoore

    New Year’s Eve and New Year’s Day Dining

    Social Lounge

    Grab dinner from 4 to 10 p.m. or swing by as the clock counts down for $5 draft beer, house wine, and “Mistletoe Margaritas” from 10 p.m. until midnight. There will also be a complimentary dessert table starting at 10 p.m. and a midnight toast.

    ⏰ Wednesday, Dec. 31, 4 p.m.-midnight 💵 Pay as you go 📍Social Lounge, 117 E. Gay St., West Chester

    9 Prime New Year’s Eve Celebration

    Tickets to the West Chester steakhouse’s celebration include charcuterie and a champagne toast. There will also be themed cocktails available.

    ⏰ Wednesday, Dec. 31, dinner seatings 4-10:45 p.m., celebrations start at 9 p.m. 💵 Pay as you go 📍9 Prime, 9 N. High St., West Chester

    White Dog Cafe is hosting a New Year’s Day “pajama brunch,” where attendees are encouraged to where their PJs.
    Pajama Brunch at White Dog Cafe

    On New Year’s Day, White Dog Cafe is again hosting its Pajama Brunch, which encourages attendees to wear their PJs to the restaurant, where an à la carte menu will be available. Reservations are encouraged.

    ⏰ Thursday, Jan. 1, 9 a.m.-3 p.m. 💵 Prices vary 📍White Dog Cafe, 181 Gordon Dr., Exton

    This suburban content is produced with support from the Leslie Miller and Richard Worley Foundation and The Lenfest Institute for Journalism. Editorial content is created independently of the project donors. Gifts to support The Inquirer’s high-impact journalism can be made at inquirer.com/donate. A list of Lenfest Institute donors can be found at lenfestinstitute.org/supporters.

  • Northeast Philly’s Franklin Mills mall is for sale

    Northeast Philly’s Franklin Mills mall is for sale

    Northeast Philadelphia’s Franklin Mall — better known by its original name, Franklin Mills — is for sale after years of plummeting valuation, occupancy, and visitor numbers.

    A listing on the website of real estate brokerage Jones Lang LaSalle (JLL) includes possible uses a new owner can consider, including industrial and office development. The parcels including Sam’s Club and Walmart are not included in the sale.

    “Franklin Mall presents the opportunity to acquire meaningful control of more than 137 acres … in a densely populated location that may support additional densification and redevelopment,” the listing reads.

    The move comes amid a wave of mall sales and redevelopments in the region, with demolition and residential construction a common fate for many struggling shopping centers.

    Over 68% of Franklin Mall is occupied, which could be an incentive for continued retail operations. But sales and visitor numbers have been falling for years, and JLL reports the average existing lease lasts for only another 1.7 years.

    If a new use is sought, the mile-long, one-story structure would be difficult to repurpose.

    “I think it’s unlikely to be a shopping mall” again, said Jerry Roller, founder of the design firm JKRP and a longtime architect in Philadelphia. “What could it be? Obviously, residential. It might be a warehouse. It’s essentially a large vacant piece of land. It was fairly inexpensive when it was built, so it’s not hard to demolish.”

    The hundred acres of land that Franklin Mills sits on at the edge of Far Northeast Philadelphia is zoned for auto-oriented commercial use.

    JLL’s listing advertises the site’s suitability for industrial redevelopment.

    “The property’s infill location and highway access make it a strong candidate for redevelopment into a modern industrial facility,” the listing reads. The zoning “could provide a basis for an investor to pursue the development of up to 1.4 million square feet of new warehouse space.”

    The residential redevelopment opportunities for the site could be aided by a promised 20-year property tax abatement for the conversion or demolition of outmoded commercial buildings into housing, which Mayor Cherelle L. Parker’s administration promises next year following enabling legislation from Harrisburg.

    But the existing zoning would not allow that, so a residential project would need to win the permission of the city’s Zoning Board of Adjustment or have the land-use rules changed legislatively by Councilmember Brian O’Neill.

    The mile-long Franklin Mills mall drew Christmas-size crowds at its opening in May of 1989.

    Tribulations of a Northeast Philly icon

    The 36-year-old, 1.8-million-square-foot facility at Knights and Woodhaven Roads is the second largest mall in the Philadelphia area after King of Prussia. But while its larger cousin remains a dominant retail force, Franklin Mall has been struggling for years.

    The mall opened in 1989 to great fanfare as the largest outlet mall ever, with an iconic zigzag-shaped concourse that stretched for 1.2 miles.

    In its 1990s heyday, it attracted 20 million visitors annually. The latest numbers, provided by JLL, are 5.6 million visitors a year.

    In 2007, in retrospect near the end of Franklin Mills’ golden era, the property and the rest of the Mills Corp. was taken over by Simon Property Group, the largest mall owner in the country. The new ownership group rehabbed the property in 2014, although there were already signs Simon was distancing itself by moving Franklin Mills (renamed Philadelphia Mills) into a different balance sheet category than its core properties.

    Simon’s loan on the property had been intermittently distressed since 2012. An April 2024 report from real estate analytics firm Morningstar Credit was headlined “Legacy Philly Mall Back to Special Servicing for the Umpteenth Time.”

    Shoppers stroll through the Franklin Mills mall in 2014.

    The 2007 loan still had an outstanding balance of almost $250 million when it came to maturity in July 2024. Simon stepped away from the day-to-day operations at that time, with Philadelphia-based OPEX CRE Management appointed as receiver of the distressed property. The name was changed to Franklin Mall because Mills was trademarked by Simon.

    Last year Franklin Mall’s appraised value was $76 million, a precipitous decline from its $201 million valuation in 2012 and $370 million in 2007. According to Morningstar Credit, a new appraisal is likely in the next month.

    Full financials haven’t been publicly updated since last year, but at that time, the cash flow for the property was $9.5 million, the lowest since Simon took over in 2007. That’s down from 2019, when cash flow was $17.5 million, according to Morningstar, and from $11 million in 2022.

    According to Morningstar, the latest reports from the special servicer for the property, Greystone Servicing Co., say cash flow is even lower this year and occupancy has fallen to 65.4%.

    Possible reuses for Franklin Mills

    Franklin Mall’s for-sale status comes as some old-school regional shopping destinations are declining.

    While some of its counterparts like King of Prussia and the Cherry Hill Mall are still thriving, there has been a wave of sales and redevelopments of area malls as the nature of retail evolves.

    Some ailing malls have been purchased on the cheap, allowing their new owners to reinvest and refurbish the property in its previous mold.

    “In terms of using the buildings that are there, it’s a challenge because they are generally big box retail, and they’ve got a center mall, which is completely out of fashion,” Roller said. “Could somebody, if they had the right tenants, recreate the mall? Turn it inside out, open the thing up?”

    “Maybe it’s possible,” Roller said. But “I don’t see a lot of uses for the buildings that are there right now.”

    The redevelopment of Exton Square Mall is in legal limbo.

    When regional malls are redeveloped, more commonly, the retail options are reduced with much of the old structure demolished. Diverse new uses often take a faded shopping center’s place.

    Two weeks ago, the sale of Plymouth Meeting Mall was announced with the new owner planning residential development. The contentious redevelopment of the Exton Square Mall would also see a burst of residential development and expanded healthcare options — if the owner can win a lawsuit against the township.

    In New Jersey, the Echelon, Moorestown, and Burlington Center malls have or are going through a variety of demolition and redevelopment options. The commonality is that residential building is a part of all three plans.

    At Franklin Mall, redevelopment would likely require demolition of the existing building.

    “Ultimately, it may just be a piece of land” for sale, said Roller.

    JLL’s listing, however, pitches the property as either redevelopment or continued mall use.

    “This offering presents prospective purchasers with the opportunity to acquire a strategically positioned super regional shopping center with significant upside potential and/or redevelopment opportunity,” it reads.

    JLL’s managing directors on the sale are John Plower, David Monahan, and Jim Galbally.