www.marejournal.com P ennsylvania S potlight N ortheastern PA The Redevelopment Authority of Luzerne County sells six-acre development site Hinerfeld Commercial completes sale of Market Street Square complex for $1.2 million W ILKES-BARRE — About six acres of land in downtown M id A tlantic Real Estate Journal — Pennsylvania — July 15 - 28, 2016 — 5C
will hold Albert’s office and a real estate firm, and could be home to a bank on its first floor. The group also plans to renovate an existing retail building that is currently home to two tenants, Gold Star Wide Format and a nail salon, and is looking for more tenants for the rest of that space. Albert also plans to build a fast food restaurant near the corner next to the train station. He will go to a city planning commission meet- ing in July to seek permits for that work. Albert plans to complete renovations on the train sta- tion and existing retail build- ings within three months and hopes to have the restaurant completed by the end of the year. The group is planning a parking lot and other build- ings in the rest of the property and looking for tenants. Al- bert said he is marketing that future development to about a dozen different franchises. “That’s a work in progress,” he said. A McDonald’s restaurant
prised of a total GLA of 468,121 square feet, is lo- cated on Roosevelt Boulevard (Rte. 1), the main thorough- fare that carries in excess of 50,000 vehicles per day through Northeast Philadel- phia. The center opened in 2004 at the site of the former Whitman Chocolates and since its inception Whitman Square has provided this densely populated section of the city with a dynamic mix of tenants that offer a variety of retail categories that contribute to the overall shopping experience for its patrons. The site also ben- efits from the added traffic signals and turning lanes, which provides access to the center through a fully signal- ized intersection from all four divided lanes of traffic. n County commissioners ap- proved $2 million for reno- vations, but after the gov- ernment changed because of the home rule charter, county Manager Robert Law- ton asked the authority to sell the complex instead. An independent apprais- al in 2013 from Congdon Hynes Appraisal LLC of Endwell, New York, put the complex’s value at about $1.9 million. Redevelopment Authority executive direc- tor Andy Reilly said that estimate was for the “highest and best use” of the property, which would have included demolishing the dilapidated but historical train station for new construction. Reilly, who didn’t work for the authority in 2006, said the recent sale was the best deal the authority was able to get with the property’s current condition. “The property is now back on the tax rolls after sev- eral years of being off the tax rolls,” he said. The proceeds from the sale will go to the county’s com- munity development fund. n
Wilkes-Barre and a former train station are now in the hands of a local developer. By the end of the year, the old train station on Market Street and Wilkes-Barre Bou- levard could look different. The vines crawling up the building may be gone and the graffiti painted over. George Albert , a local en- gineer and developer, closed on the sale of the property in the Market Street Square complex on Friday. The Re- development Authority of Luzerne County sold the properties to Albert’s com- pany for the project, Market Square Properties Develop- ment, for $1.2 million. Albert is the leader in a group of five investors who have development plans for the site. Patrick Hadley , president of Hadley Con- struction , and Santino Fer- retti , owner of N & B Enter- prises , are also partners, as are two other silent partners. The group’s plans include renovating the station, which PLYMOUTH MEETING, PA — The Goldenberg Group announced that the first Ashley Furniture store within city limits has opened at Whitman Square Shopping Center in North- east Philadelphia. The new 20,023 s/f store opened June 15 and expands the Center’s co-tenancy assortment for home furnishings and re- lated offerings. The Goldenberg Group is enthusiastic about the addi- tion of Ashley Furniture to increase Whitman Square’s customer base, drive new traffic, and promote cross shopping opportunities as an appealing destination for home-related offerings. Cus- tomers will enjoy exciting shopping opportunities with complementary co-tenants to
Market Street Square
and Citizens Bank branch are also on the block but are not part of the sale. The site was the property of the Redevelopment Author- ity of Luzerne County for a decade, after the authority bought the station and adjoin- ing parcels from businessman
Thom Greco for $5.8 million in 2006. Luzerne County pro- vided funding to the authority for the sale. County government and the authority kicked around plans for the property, but nothing materialized and the property stood vacant.
The Goldenberg Group welcomes the First Ashley Furniture HomeStore within City Limits to Whitman Square in NEPA
Ashley Furniture including Lowe’s, hhgregg, Michael’s and Walmart. “We’re very excited to welcome Ashley Furniture HomeStore to Whitman Square, a vibrant urban power center in Northeast Philadelphia that today re- mains 100 percent occupied,” said Adam Rosenzweig , Goldenberg Group’s senior vice president of leasing & asset management. “In addition to being a perfect complement to the current tenant mix, Ashley Furni- ture’s presence will provide exciting opportunities to draw traffic to and from the Center’s dining amenities including LongHorn Steak- house, Famous Dave’s and Chick-fil-A.” Whitman Square, com-
Ashley Furniture stock photo
Made with FlippingBook flipbook maker