WILKES BARRE, PA – Madison Hawk, LLC will conduct a sealed bid auction for a highly-visible portfolio of ten retail properties in well-trafficked locations in the heart of the main commercial corridor in Wilkes Barre, PA.
The offering consists of four long-term net leased properties and six short-term leased parcels with redevelopment opportunities. The properties are leased by excellent credit tenants including Sheetz and Pep Boy’s as well as a ground lease on a property improved with a Walgreens and Popeye’s. Net operating income on the properties range from $30,000 to $180,000 with the net operating income for the total portfolio above $900,000. In addition to the buildings a portfolio of 11 billboards leased to Lamar Advertising is included.
The flexible auction will allow prospective purchasers to bid on either the entire portfolio or one of the ten individual parcels, according to Jeff Hubbard, President of Madison Hawk, a national real estate firm and industry leader specializing in Structured Accelerated Sales. All of the properties will be transferred free and clear of debt with clean titles.
“This auction presents an ideal opportunity to acquire income-producing retail buildings in Pennsylvania’s fourth largest metropolitan area,” says Mr. Hubbard. “These properties will generate immediate cash flow, while also providing the ability to reposition into other uses at the end of the lease terms. It’s a win-win situation for a real estate investor, operator or developer looking to benefit from one of northeast Pennsylvania busiest retail epicenters.”
The retail properties to be offered in the Auction include:
- 450 Wilkes Barre Township Boulevard: A 5,000 square foot free standing retail building occupied by a Sheetz convenience store. The 1.76 acre property features eight fuel pumps and the convenience store. Sheetz holds a long term 14-year lease with renewal options.
- 420 Wilkes Barre Township Boulevard: A 1.9-acre property net leased to Pep Boy’s. The property parcel features a free-standing 19,500 square-foot building and a shared entrance to Sheetz.
- 410 Wilkes Barre Township Boulevard: Located at the southwest corner of Wilkes Barre Township Boulevard and Coal Street, this two-acre parcel is subject to a ground lease to Mark Coal Associates, LP which holds long-term lease agreements with Walgreen’s to occupy a 15,000 square-foot building, as well as a Popeye’s Louisiana Kitchen.
- 340, 342 and 396 Wilkes Barre Township Boulevard: Occupied by three prominent retailers, this 2.2-acre property boasts three free-standing buildings leased to a Turkey Hill gas station and convenience store, a Subway restaurant and Columbus Laser and Vision Institute. All tenants hold short term leases providing redevelopment opportunities on its own or combined with neighboring Sunoco property.
- 320 Wilkes Barre Township Boulevard: A .6-acre property net leased to a Sunoco gas station through February of 2018. The property features two gas pumps and 1,000 square-foot convenience store. The property can be redeveloped in conjunction with 34, 342 and 396 Wilkes Barre Township Boulevard once lease term expires.
- 300-319 Wilkes Barre Township Boulevard: The 25,100 square-foot Georgetown Plaza strip center is home to a mix of local business tenants. The two-acre property was repositioned for retail in 2007 and has recently undergone improvements. It is currently 90% leased. Georgetown Plaza could continued to be operated as-is and upgraded with new tenants or purchased in conjunction with adjoining properties for large redevelopment.
- 632 Carey Avenue: A .5-acre property consists of a free standing, 3,000 square-foot convenience store and two fuel pumps net leased to Turkey Hill until 2019.
- 460 West Main Street, Nanticoke, PA: The property is a free standing 2,500 square-foot building lying on a .4 acre site with one fuel pump and convenience store also leased to Turkey Hill until fall, 2018.
- Also included in the portfolio are eleven billboards centered around the properties offered in the auction on Route 309. Additional billboards provide prime locations on the Carey Avenue propertied and two locations in Nanticoke. Leases for the billboards currently generate an income of $101,850.
- 2 North Main Street, Pittston, PA: This historic bank building was constructed in 1904 and renovated into office space in 2005 and 2013. The historic limestone building features 8,582 square feet on three levels (one below ground) and includes the former bank vault. The property’s character is evident in nearly every room with 17’ vaulted ceilings and hardwood molding and accents.
Wilkes Barre is ideally situated in the Scranton-Wilkes Barre-Hazelton area in the Wyoming Valley region. The portfolio’s prime location at the intersection of Wilkes Barre Township Boulevard and Highland Park Boulevard/Coal Street is just west of interstate 81 and receives substantial traffic of nearly 40,000 cars per day. Major retailers adjacent to the properties include Wegman’s Grocer, Sam’s Club and Kohl’s.
Sealed bids will be due Thursday, August 13th and should be sent to the New York City offices of Madison Hawk Partners, LLC, Attention: Wilkes Barre Project Manager, 575 Lexington Avenue, Suite 4017, New York, NY 10022.
Bidders Information Seminars and On-site inspections will be available on July 23rd, 30th and August 6th at 10:00 a.m. Please contact Madison Hawk to make an appointment. A detailed Due Diligence Packet is available and contains specific information related to the properties, the auction and the terms of sale.
For additional information on the auction, please call 1-800-547-1045 or visit www.MadisonHawk.com/Auctions/WilkesBarre.
About Madison Hawk
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. www.madisonhawk.com