Uptick in real estate leads to Glenmaura lots offered for commercial development
A growing demand for Class A office space and a perceived turnaround in the commercial real estate market has prompted the developer of Glenmaura Corporate Center in Moosic to change the marketing of the properties, putting more than a dozen commercial lots on the market.
The 17 lots range from 57 acres to 1.3 acres, most on Glenmaura National Boulevard and Montage Mountain Road. Developed, the lots would fill in land around PNC Field, the Marriott Courtyard and Town Place Suites, and the Bank of America building.
“Those lots have always been available for sale, but hopefully they will do better listed as a group,” said James B. McDonough of the Hemingway Development Corp., developer and owner of Glenmaura, a planned, mixed-use development that includes shopping, commercial, residential and recreation.
The total land available is about 200 acres, but because of its topography, a good portion of it is not developable.
Mr. McDonough said he has been working with a national restaurant chain and retailer about some of the locations. The area has been improved by a new PNC Field and revitalized Montage Mountain ski resort.
“Retail on a national basis has retrenched,” he said. “As the national economy improves, our region will eventually will see more success.”
Mr. McDonough has retained several commercial real estate brokers to market various pieces of the property, including Hinerfeld Commercial Real Estate in Scranton.
“We are at a point where we need more Class A office space,” said John Cognetti of Hinerfeld. “Ever so slightly, the market is improving.”
He cited the expansion of Maximus in Pittston and Geisinger’s need for office space. Centerpoint, a business park a few miles south of Glenmaura, has added office space.
Beyond offices, the Glenmaura sites could host mid-rise apartments, retail or an urgent care facility, Mr. Cognetti said.
No prices for the lots were given. Buyers would determine if they want the lots raw or cleared and level.
By listing all the lots at once, Mr. Cognetti said the offer will hit a broader national and international market.