The 12-story SNB Plaza Building at the corner of Lackawanna Avenue and North Washington Avenue in downtown Scranton was sold to Scranton Tower Associates. They were represented in the transaction by John T. Cognetti, SIOR, CCIM of Hinerfeld Commercial Real Estate.
The historic building clad in white terra cotta tile and designed in the early “skyscraper style” popular in the early 1900s, is one of the tallest buildings in Scranton’s skyline. Formerly the home of Scranton National Bank, the ornate first floor and mezzanine is currently occupied by a financial institution with the upper floors of professional offices.
Cognetti noted that this sale marks the continuation of sales of Scranton’s landmark buildings to investors both local and out of state looking to take advantage of the resurgence in downtown property values in the last five years. This property is in the center of the revitalization of Lackawanna Avenue. Both new construction and history rehabilitation have occurred in this area recently. Cognetti said that with the $15 million Lackawanna Avenue Historic District and the Intermodal Transportation Center projects due to begin soon, the avenue will return to its prominence as Scranton’s center for retail, business and entertainment.
Security National Properties-Atlantic sold the property for $1.1 million. The new owners’ immediate plans are to increase occupancy above 85 percent with long-term plans tied into the growth of the avenue.
– Courtesy of Northeast Pennsylvania Business Journal
