Real Estate Journal — Shopping Centers — December 26, 2014 - January 15, 2015 — 7A


M id A tlantic

S hopping C enters

Investment Opportunity! - Grocery Anchored Shopping Center

Algatt, Zang and Taylor listed property Marcus & Millichap Phila. arranges 25,583 s/f urban SC


ILKES BARRE, PA — Ma r c u s & Millichap an-

nounced the sale of Midtown Village, a 25,583 s/f urban shop- ping center located in down- town Wilkes Barre according to Brenton Baskin , regional manager of the firm’s Philadel- phia office. Jeff Algatt, Dean Zang and Mark Taylor , investment spe- cialists in Marcus &Millichap’s Philadelphia office, had the list- ing to market the property on behalf of the seller, an affiliate of Wilkes Barre-based Humford Equities. Algatt secured the Midtown Village buyer, a Wyo- ming Valley private investor ex- panding its commercial property portfolio in northeastern PA. “This is a terrific downtown location just a few steps from downtown’s Public Square,” Algatt said out. “The Property sits directly between the city’s business hub and neighboring Wilkes University, is adjacent to Boscov’s department store and NBC’s affiliate WBRE-TV station, and is positioned right across South Main St. from the Intermodal Transporta- tion Center, not to mention the city’s R/C Theatres 14-screen movie, retail and residential loft complex at South Main and Northampton Sts. known as City Centre.” Wilkes University announced in early March 2014 it is buy- ing the former Bartikowsky’s Jewelers at 141 South Main St. in Wilkes Barre as part of its “South Main Street Gateway” to the center of its adjoining campus. University officials expect the project, designed to be completed in two phases, to cost $4.5 million. First, Wilkes will renovate its University Center already located onMain St. into the new home of the Jay S. Sidhu School of Busi- ness and Leadership. Once this $3 million effort is com- pleted (anticipated by the end of this year), the University will commence the renovation of the Bartikowsky building for administrative offices and the financial aid office. Wilkes University is not the only downtown educational in- stitution making moves. Near- by King’s College is expand- ing its ever-widening campus footprint with the acquisition of the Ramada hotel on Wilkes- Barre’s Public Square for a $14 million conversion of the lodg- ing facility into an academic center mixed with other uses. n

• 245,800 SF Grocery-Anchored Shopping Center • Redeveloped in 2014 • 94% Occupancy • Located with signage and visibility on I-83 • Traffic counts exceed 61,000 VPD • Major Tenants include Darrenkamp’s (Opened April 2014) and Rite Aid Corporate

Midtown Village

./0123.. 256.7" 81 9 .6: 7; 9<.6"

New York New Jersey Connecticut Massachusetts Pennsylvania Ohio Maryland Texas


An Emplo)ee+Owne. Compan)

Made with FlippingBook Online newsletter