Benbrooke Begins Turnaround of Franklin Marketplace

Benbrooke Franklin Partners LP, an affiliate of White Plains, NY-based Benbrooke Realty Investment Co., acquired the property in January from an affiliate of Toronto-based Crown Life Insurance Co. At the time, leasing was in the low 30%, George Ackerman, a Benbrooke principal, tells GlobeSt.com. He declined to disclose the price paid for the center.

""Though it suffered from severe physical distress, it has a lot of redeeming characteristics," Ackerman says, including its location next to Franklin Mills Mall. "It's the worst house in the best neighborhood, and this property is right down the fairway for us. We like projects we can reposition and redevelop."

Benbrooke began renovations, which Ackerman says will cost between $4 million and $5 million, and include new roofs, new signage and lighting among other improvements. The center was originally a design center and had a deed restriction allowing only home-related tenants. "The restriction burned off four or five years ago which significantly improved leasing opportunities."

The new owner assigned leasing to Conshohocken-based Fameco Real Estate. Lisa Drake and Jerry Johnson of Fameco head the team. In addition to negotiating the Big Lots, Harbor Freight Tools and other new commitments, they have been instrumental in inking renewals with existing tenants, Ackerman says. Other tenants at the center include Comp USA, Pier 1 Imports, Citizens Bank, Dollar Tree and United Furniture.

Ackerman says Benbrooke is positioning the property "as an alternative to the higher-priced space on Street Road, Roosevelt Blvd. and in the Mills itself." Drake and Johnson tell GlobeSt.com the rental rate ranges from approximately $12 per sf to $17 per sf triple-net, depending on unit size and location within the center.