A former TGI Fridays near Cherry Hill Mall is up for sale as a potential redevelopment site. Located at 2125 Route 38, the two-acre parcel includes a shuttered 7,455 SF restaurant and 149 parking spaces. The site is being carved out from a larger property anchored by AMC Cherry Hill 24. The restaurant closed in October, shortly before TGI Fridays’ parent company filed for Chapter 11 bankruptcy in November.

Owned by Kansas City-based EPR Properties, the larger property includes 157 movie theater locations nationwide. Rather than lease the space, EPR and AMC opted to sell the restaurant portion, with the buyer responsible for subdivision approvals. The sale does not include a liquor license.

While national chains initially showed interest in leasing the space, selling to a restaurant operator would be the “path of least resistance,” according to the listing agent. Alternatively, a developer could redevelop the site for office, medical, retail, or residential use, pending zoning approvals.

*Article courtesy of Philadelphia Business Journal

For more information about this Cherry Hill retail space or about any other commercial properties for sale or lease, please contact the team at Wolf Commercial Real Estate at 856-857-6300.

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