Industrial Investments Purchases 3 Building Light Industrial Complex in Scranton, PA

Scranton, PA – Industrial Investments, Inc. of Blue Bell, PA, announced today that an affiliate has recently purchased the Stafford Avenue Business Park, a three-building light industrial complex located in Scranton, PA. The three-building industrial park was developed in the mid-1990’s as a joint-venture between the Sordoni & Parente families.  

Situated on an 11.75-acre site, the Stafford Avenue Business Park is comprised of three buildings ranging in size from 27,000 sq. ft. to 40,500 sq. ft., for a total of 108,000 sq. ft. 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 I-81, Exit 182. The purchase 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.”  

“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 Steven Marzullo, of CBRE. “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.

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, PA.  Leasing at the property will be handled by Griff Keefer and his team at Hinerfeld Commercial Real Estate of Throop, PA. 

Industrial Investments, Inc. was represented in-house by John Bown, III, and Christopher Bown. The CBRE team of Steve Marzullo, Adam Silverman, Michael Hines and Joe Hill spearheaded the marketing of the asset and represented the Seller in the negotiations.