Wilkes Barre, PA – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of a 48,000-square-foot retail shopping center located at 379 S. Main Street in Wilkes-Barre, PA for $3.95M. NAI James E. Hanson’s Team Lizzack-Horning, comprised of Darren Lizzack, MSRE, Randy Horning, MSRE and Jennifer Cusmano, represented the seller, Ferri South Main Street Plaza, L.P. in the transaction with the buyer, Dhan, LLC.
Situated in a prime location along the main thoroughfare of Wilkes-Barre, 379 S. Main Street is a retail shopping center spanning 48,000 square feet across five buildings. The center is easily accessible via Routes 11, 81 and 309 and boasts close proximity to many other retail and office complexes in downtown Wilkes-Barre. The property is home to a variety of in-demand tenants including Subway, H&R Block, Little Stars Childcare, Tropic Pet Center, Clipperheads, and more. Dhan, LLC plans to implement a long-term value-add strategy to increase rents through strategic capital improvements.
To market and manage the sale process of the property, Team Lizzack-Horning leveraged Ten-X, the world’s largest online commercial real estate exchange platform. The auction helped the team quickly attract a buyer for the property and close the sale at the highest purchase price.
“The I-81 Corridor is one of the most fundamentally sound and highly amenitized submarkets in eastern Pennsylvania and continues to offer strong retail investment opportunities,” said Horning. “We’re proud to have utilized Ten-X to quickly close this deal and help our client secure maximum value for this asset, and we want to wish the buyer all the best with their future plans for the property.”
Founded in 2014, Team Lizzack-Horning is an expert brokerage team that specializes in healthcare, office, and investment property transactions. Leveraging a holistic and analytical approach to working with clients, Team Lizzack-Horning’s expertise and experience are augmented by a trusted network of real estate service providers that help clients of any size navigate an increasingly complex healthcare real estate transaction process. Together, the team has successfully closed more than 80 deals over the past 24 months totaling more than $100 million.
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