Marcus & Millichap (NYSE: MMI), has announced today the sale of The Oppenheim Building, a Historic 193,000-square foot office building located in the heart of Downtown Scranton, PA. According to Sean Beuche, broker of record for Pennsylvania and the regional manager of the firm’s Philadelphia office, the asset was sold via Ten-X Commercial Auction Platform for $3,307,500.
The building was positioned for conversion with 27.60% occupancy at the time of the sale and will be redeveloped into class A luxury apartments. Located right on the hard corner of Lackawanna & Wyoming Avenue, this remarkable residential redevelopment opportunity will place tenants within walking distance from some of the most popular restaurants, retail corridors, and nightlife attractions the city has to offer.
First Vice President of Investments Craig Dunkle and Associate Jackson Day, both investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property for sale on behalf of ownership through Ten-X Commercial Auction Platform. The winning bidder is a Central Pennsylvania based developer that has a strong track record of converting under-utilized properties into highly desired Luxury Living Properties . The team worked hand in hand with the City of Scranton to assure the project serves as the highest and best use for this historic former office building.
Craig Dunkle, the head listing broker on the deal stated “Being able to complete the sale of an adaptive reuse project in the City of Scranton was no easy feat, especially in today’s environment and all of the hurdles that come along with it. Given the fact there was a significant lack of travel due to the pandemic, our professional virtual tour played a huge role in our ability to market the property and attract interested investors. By working with an experienced local developer and a sophisticated out-of-market seller, we were able to work with all the stakeholders involved and complete a successful transaction.”
The Oppenheim Building, formerly known as the Lewis & Reilly Building, was built in 1888 and is located at 409 Lackawanna Avenue in Scranton, PA.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
