John & Christopher Bown Of Industrial Investments Inc Acquire Industrial Complex In Scranton
2400 Stafford Avenue
$6,500,000
$60/SF
Building Size
108,000 SF
Asset Type
Industrial
Closing
Feb 15, 2024
AI
Industrial Investments Inc., based in Blue Bell, PA, has acquired the Stafford Avenue Business Park, a three-building industrial complex totaling 108,000 square feet, located in Scranton, PA, from CEP Family LLC for $6.5 million. The property was sold for a price of $60 per square foot, resulting in a total sale price of $6,500,000. The transaction took place on 02/15/2024 at the address 2200-2400 Stafford Avenue in Scranton, PA.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $6,500,000
- Acres: 11.75
- Buyer: John Bown III & Christopher Bown - Industrial Investments Inc
- Seller: CEP Family LLC
- Brokers: Adam Silverman, Joe Hill, Michael (Mike) Hines & Stephen "Steve" Marzullo - CBRE
The key individuals involved in this transaction include John Bown III and Christopher Bown, who represent Industrial Investments Inc as the buyers, along with the seller, CEP Family LLC. The deal was facilitated by brokers Adam Silverman, Joe Hill, Michael (Mike) Hines, and Stephen "Steve" Marzullo from CBRE.
Players
Scranton Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93