CBRE Group Inc. (NYSE:CBRE) announced the $6.5 million sale of the Stafford Avenue Business Park, a three-building light industrial complex located in Scranton, Pennsylvania.
The property is based on an 11.75-acre site and consists of three buildings ranging in size from 27,000 square feet to 40,500 square feet, for a total of 108,000 square feet. The business park is currently 90% occupied and its anchor tenants include Bazooka, Dal-Tile, Progressive Insurance, Autopart International and Omnicare.
The offering included approximately 5 acres of additional land that can potentially be used for industrial outdoor storage or future development.
CEP Family LLC was the seller and an affiliate of Industrial Investments Inc., of Blue Bell, Pennsylvania, acquired the portfolio through a competitive bid process that produced several offers. 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.
“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 Pennsylvania industrial market for a few years now and finally found the right opportunity. We hope to make additional acquisitions in Northeast Pennsylvania in the near future. Thank you to the team at CBRE. They were a pleasure to work with.”
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