Two years in the works, the former Price Chopper Plaza in Dunmore is now owned by real estate developers Gerald and Joseph Ferrario.
The entity 1400 Monroe LLC, in which the Ferrarios are involved, purchased a parcel that includes the complex, the final piece in a complicated transaction.
Commercial real estate agent John Cognetti, who is familiar with the deal although not involved with the latest transaction, said the land and building on the property were separate, the land subject to a long-term lease. That format dated back to the A&P grocery chain, which traditionally put buildings and land into the hands of different owners — to the ongoing consternation of the buyers and brokers dealing with successive owners of the buildings and land.
Two years ago, the Ferrarios purchased the leasehold interest in the property for the site, which is about 4½ acres, for $855,638, according to information from the Lackawanna County recorder of deeds.
The bankruptcy of one of the landowners further complicated the total acquisition, requiring the Ferrarios to approach a bankruptcy court, Mr. Cognetti said.
“Now, they have the buildings and the land,” Mr. Cognetti said, suggesting that full ownership would clear the way for new possibilities for the real estate.
Borough officials note the property is beginning to look a bit run-down and are eager to see a new use, said council President Michael McHale.
“Anything that can be done, be it an office use or something else, would be an enhancement to the area,” he said.
Attempts to reach the Ferrarios were unsuccessful. In a 2014 interview, Joseph Ferrario said they have roots in Dunmore, see potential in the property and want to develop it.
In 2011, Schenectady, New York-based grocer Price Chopper closed its store, which had served Dunmore and Scranton’s Hill and Green Ridge neighborhoods since 1982.
Company officials cited low traffic at the small plaza. A drugstore vacated the site a few years before. A hair salon followed. At one time, the site was home to a minor-league baseball field.
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dfalchek@timesshamrock.com
