Scranton, PA — Hinerfeld Commercial Real Estate in cooperation with Newmark announced the successful sale of the prominent class A financial office building known as 315 Franklin Ave., Scranton (+/-24,600,). As part of the $5 million sale Hinerfeld/Newmark negotiated the leaseback of the ground floor of the building as a bank branch for the seller, Pentagon Federal Credit Union (PenFed). The property occupies a high access, high visibility position in the Scranton central business district (CBD) at the confluence of the Scranton Expressway and the central business district road grid system.
Originally developed as a bank branch and financial services back office by Tobyhanna Federal Credit Union (aka Valor Federal Credit Union), it was subsequently acquired by Pentagon Federal Credit Union (PenFed).
The new owner, Lackawanna County (government), purchased the property for use in government health system programming and services. Hinerfeld Commercial Real Estate (Griff Keefer) and Newmark (Barton Drummond) represented the seller in the transaction. Hinerfeld Commercial Real Estate (John Cognetti) represented the buyer.