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Scranton Center Trades for $7M

SCRANTON, PA-Cedarhurst, NY-based Herrick Group LLC buys the 110,000-sf two-building class A office complex for $63.64 per sf. It is 85% occupied and tenants include the headquarters offices of Paper Magic.

By Marita Thomas | Updated on May 25, 2005

SCRANTON, PA-Herrick Group, a Cedarhurst, NY-based real estate investment fund, has acquired Scranton Center for approximately $7 million, or about $63.64 per sf. The property, a 110,000-sf class A office building at 401 Adams Ave., is considered “the most modern class A office property downtown,” a spokesman for Herrick tells GlobeSt.com.

The asset consists of two buildings, one five stories tall and the other two stories, which are connected by a landscaped courtyard. A multi-story indoor garage is adjacent the building, which is 85% occupied. Among the tenants are Paper Magic, which is a national greeting card company, and Nabi Pharmaceuticals, along with numerous legal, medical, dental service firms.

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