Real Estate Journal — Pennsylvania — April 10 - 23, 2015 — 5C
www.marejournal.com
M id A tlantic
E astern PA
SCRANTON Theskeletonofthisbuildingiswhat wasoncetheEurekaPrintingPlantwhere the“S&HGreenStamps”wereprinted.WhentheownersengagedtheHCRE tomarketthepropertytheyhaddemolishedpartsoftheoldplant,putanew façadeandlandscapedthearea.Becauseofchangesintheneighborhood,we determinedthatthehighestandbestusewasnotmanufacturingbutpossibly institutionalorresidential.Twoyearsago3acresoftheoriginal14acresitewas soldandnowisafullyleased122unitapartmentcomplex.This108,000SF buildingon11acreswassoldtodevelopersexperiencedinadaptivereuse.
SCRANTON Mostrecentlyknownas“TheScrantonCenter”,this107,000SFtwobuilding officecomplexhasitsrootsinthelate1960sasanurbanrenewalproject.The buildinghasthelargestopenofficefloorplansindowntownScranton.Bythe Springof2013thebuildingwas98%vacant.HCREwascontactedbyFirstCity, thenewholderofthemortgage.Weprovidedconsultingandbrokerageservices throughthelengthyUSCourtforeclosureprocesstothemarketingandsaleof thepropertyinAugustof2014.Thesalewillmarkarevitalizationofanimportant partofthedowntownandprovidespaceforthegrowthofLackawannaCollege.
GLENMAURA CORPORATE CENTER ThisyearsawadramaticriseinoccupancyintheNEPAsuburbanofficemarket. GlenmauraPlaza,the180,000SFthreebuildingofficecomplex,represented byHCRE,is100%occupiedforthefirsttimesincebeforetherecession.The leasing of31,000SFtoamajorpharmaceuticalcompanyandtheexpansion andrelocationofexistingtenantsof10,000SFwasaccomplishedontimeand tothesatisfactionofthecorporatetenantsbecauseofproactiveownership, competentpropertymanagementthemarketknowledgeandtheyearsofHCRE professionalcorporaterealestateexperience.*
DUNMORE For50yearsthissiteinDunmorehadbeenhometo supermarkets suchas FoodFair,A&P,andmostrecentlyPriceChopper.HCREwasinitiallyhiredto subleasethe27,000+SFformerPriceChopper.Thebuildingsitson4.2acresin theheartofDunmoreadjacenttoScranton.Whatbeganasasubleaseconcluded withasaleofthe“leasehold”interestintherealestatetolocaldevelopers. HCRE provideditsknowledgeof“leaseholdinterests”,experienceinthemarketand advicetoitsclientandthebuyerstobringthetransactiontoamutuallybeneficial conclusion.
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