Mid Atlantic Real Estate Journal — Brokerage Directory — July 25 - August 14, 2014 — 9C
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B rokerage D irectory
Hinerfeld Commercial Real Estate 2014 first quarter office market report suburban class A Northeastern Pennsylvania
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The vacancy rate for both parks is 6%. Abington Executive Park (South Abington Twp.). The park contains four buildings with 378,000 s/f. There is ad- ditional land available for new construction. The largest ten- ants are Met Life, 214,000 s/f and Allied Services, 129,700 s/f. The current vacancy rate is less than 1%. Center Point (PittstonAnd Jenkins Twps.) Developed by Mericle Commercial Real Estate at the intersection of I-476 and I-81, Center Point is the newest industrial business park in the
he office market in NortheasternPAencom- passes the principle cit-
IT and call centers. In Glenmaura, the largest building at 300,000 s/f is fully occupied by Bank of America. In 2013, the Cigna Building at 189,000 s/f was transformed from a single tenant to a multi- tenant building. CIGNA remains as the anchor tenant in 90,000 s/f. Hinerfeld Commercial Real Estate (HCRE) negotiated a lease on behalf of the landlord with Harper Collins for 34,617 s/f. It was signed in Sept. of 2013 with occupancy on March 3, 2014. Glenmaura Plaza (50, 52, and 54 Glenmaura National
Blvd.) is a three building com- plex with 180,000 s/f. HCRE negotiated three leases on behalf of the landlord in the 2013 with occupancy in 2014 for 29,782 withVaxServe; a 4,100 s/f expan- sion for Deluxe Digital Studios and a 5,505 s/f relocation within the complex of Metropolitan Life Insurance Co. 73 Glenmaura National Blvd. is a 35,000 s/fmulti-tenant build- ing with a less than 1% vacancy. In the W.W. Scranton Office Park at 29,120 s/f, vacant for two years, has been leased toDiversi- fied Information Technologies. The Prudential at 171,000 s/f.
region. Also Center Point has begun marketing Center Point West as a location for midsize office tenants.With the preferred location between the principle cities of Scranton and Wilkes- Barre and with an office product different fromGlenmaura’s class A office product, Center Point will compete with those office products offered in Hanover In- dustrial Estates and Crestwood Industrial Park which have a mix both industrial and office products. JohnCognetti, Sior, Ccim is president andbroker of re- cord of HCRE. n
ies in themar- ket, Scranton, Wilkes-Barre and Hazle- ton located in Lackawanna and Luzerne Counties. The subur- ban class A
John Cognetti
market is along the I-81 Cor- ridor from Clarks Summit to the I-80 crossroads in Greater Hazleton. There exists other class A buildings in the market. They are either in free standing locations, considered part of one of the three CBD submarkets or located in parks where the ma- jority of buildings are industrial. The Mt. Pleasant Corporate Center within the city limits of Scranton can accommodate four or five free standing office build- ings in a park setting adjacent to Scranton’s CBD. There was one 30,750 s/f spec building constructed. It is oc- cupied by medical tenants, and was fully leased in the last three years. Suburban class A office market Can Do Corporate Cen- ter, Drums (Hazleton). This park contains three buildings with 100,000 s/f. There is land available for new construction. In the last year, 40 Azalea Dr., 51,560 s/f was sold to the Hazle- ton Area School District for a STEMschool. It was a spec office building that sat vacant for four years. 10 Azalea Dr., 39,429 s/f, is occupied by Network Solu- tions. At 10 Fox Run Rd., there is a freestanding 10,000 s/f office building sold in 2013. With this sale, there is not any vacant class A office space available in the Corporate Center. East Mountain Corporate Center (Wilkes-Barre). This park contains ten buildings with a built out square footage of 500,000. In addition there is a 42,000 s/f spec office building under construction. There is land available for new construction. The vacancy rate for this park is approximately 10 %. GlenmauraCorporateCen- ter and The W.W. Scranton Office Park (Scranton And Moosic Borough) . The two parks are within one mile of one another and contain ten office buildings with 976,120 s/f. The Center tenancy consists of banking, insurance, health care, financial and legal services and
AvAilAble iN YOUNGWOOD, PA YOUNGWOOD iNDUSTRiAl CeNTeR
ü Situated along US Route 119 Less than 1 Mile From Intersection of I-70 and PA Turnpike 66 & 76 ü Consists of 5 Buildings on 3 Parcels * Approx. 445,000 Sq. Ft. ü Light Industrial w 20’+/- Clear Ceiling Height ü Dock and Drive-in Doors ü 3 Phase Power, Dry Sprinkler System & Rubber Roofs ü Parcel A - Approx. 118,112 Sq. Ft. on 6.15 +/- Acres * Fully Occupied, Built-To-Suit Opportunities ü Parcel B - Approx. 143,000 Sq. Ft. on 5.81 +/- Acres * 78,000+/- Sq. Ft. Immediately Available * 143,000+/- Sq. Ft. Becoming Available October 1, 2014 ü Parcel C - Approx. 182,002 Sq. Ft. on 18.2 +/- Acres * 73,000+/- Sq. Ft. Immediately Available - Will Subdivide
leASeD AND MANAGeD bY: MARK AlliSON iNveSTORS ReAl eSTATe AGeNCY P: 724-925-0215 • C: 724-413-8170 or mallison5@aol.com
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