Keefer and his team at Hinerfeld Commercial Real Estate will handle leasing of property
Scranton, PA — CBRE announced the sale of the Stafford Avenue Business Park, a three-building light industrial complex located in Scranton. An affiliate of Industrial Investments Inc., of Blue Bell, acquired the portfolio from CEP Family LLC for $6.5 million through a competitive bid process that produced several offers and demonstrates that smaller industrial offerings remain attractive to local and regional investors.
The CBRE team of Steve Marzullo, Adam Silverman, Michael Hines and Joe Hill spearheaded the marketing of the asset and represented CEP Family LLC in the negotiations. Industrial Investments, Inc. was represented in-house by John Bown, III, and Christopher Bown.
“This was a unique and very attractive opportunity to acquire a well-leased light industrial business park located along I-81 in Scranton with extremely limited competition in the surrounding Northeast PA market,” said Marzullo. “The property already produces strong cash flow, but with healthy demand in the market for smaller light industrial spaces, the buyer has the ability to capture significant upside through increasing rents as tenants roll.”
Situated on an 11.75-acre site, the Stafford Avenue Business Park is comprised of three buildings ranging in size from 27,000 s/f to 40,500 s/f, for a total of 108,000 s/f The three buildings are well maintained and have 19’-21’ clear ceilings, 40’x 45’ column spacing, a mix of tailgate and drive-in loading, and ample parking. The complex is centrally located in Scranton and is less than a mile from Exit 182 off I-81. The offering included approximately 5 acres of additional land that can potentially be used for industrial outdoor storage or future development.
This is Industrial Investments’ first acquisition in Northeast PA. “We are very excited to expand our portfolio and break into a new market,” said John Bown, III. “We have had our eye on the Northeast PA industrial market for a few years now and finally found the right opportunity. We hope to make additional acquisitions in Northeast PA in the near future. Thank you to the team at CBRE. They were a pleasure to work with.”
The business park is currently 90% occupied. Anchor tenants include Bazooka, Dal-Tile, Progressive Insurance, Autopart International, and Omnicare. Financing for the transaction was provided by TriState Capital Bank of Pittsburgh. Leasing at the property will be handled by Griff Keefer and his team at Hinerfeld Commercial Real Estate of Throop, PA.