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Genalite Sells Scranton Industrial Building for $2M

SCRANTON, PA-Just prior to closing on the purchase of the 151,100-sf property in the Mid-Valley Industrial Park here for about $10.59 per sf, Equilibrium Equities leases 68% of it to a third-party logistics company.

By Marita Thomas | Updated on September 30, 2003

SCRANTON, PA-General Foam Plastics Corp., also known as Genalite, sells the 151,100-sf building at 1270 Mid-Valley Drive in the Mid-Valley Industrial Park here to an affiliate of Wayne, PA-based Equilibrium Equities Inc. Genalite used the building to manufacture artificial Christmas trees.

The purchase price is undisclosed. An industrial real estate specialist in the area, however, tells GlobeSt.com on condition of anonymity, that the price was $1.6 million, or about $10.59 per sf. Community Banks Inc., based in Harrisburg, PA, provided the financing.

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