Edge, a full-service commercial real estate firm with offices in Washington D.C., Virginia, Maryland and Pennsylvania, brokered the sale of 90 Discovery Drive, a single-story, 81,000 square foot warehouse building in Olyphant, Pennsylvania for approximately $4.8 million. Cory Hoffman, Partner, Advisory Services represented the seller, Starline Properties. The buyer, which completed a 1031 tax exchange, was an investment group consisting of two private individuals.
Constructed in 2000 and situated on an approximate 15-acre site, 90 Discovery Drive is located within Scott Tech Park and is approximately 12 miles north of Scranton. Interstate 81 is five miles from the site, Wilkes-Barre Scranton International Airport is approximately 25 miles away and Philadelphia can be reached in just over two hours. The building is 100% leased to a single tenant, Meyer Distributing, a company engaged in automotive specialty products marketing and distribution.
“This transaction consisted of a short-term sale-leaseback to the most recent ownership group,” explained Cory Hoffman of Edge. “The buyer acquired an asset in excellent condition and, with a scarcity of small, single-tenant warehouse buildings available for lease in central Pennsylvania, they are extremely optimistic about securing a long-term lease in the near future.”
Edge is a commercial real estate firm providing a full complement of advisory, leasing, investment sales, management, construction, property management, and engineering services to clients throughout the Washington, D.C., Maryland, Northern Virginia, and Pennsylvania marketplaces. For additional information, visit www.edgecre.com.