South Main Plaza in Wilkes-Barre sold for $3.95 million

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WILKES-BARRE — NAI James E. Hanson, a large New Jersey-based full-service independent commercial real estate firm, on Tuesday announced it has negotiated the sale of South Main Plaza, a 48,000-square-foot retail shopping center located at 379 South Main St. in Wilkes-Barre, for $3.95 million.

NAI James E. Hanson’s Team Lizzack-Horning, comprised of Darren Lizzack, MSRE, Randy Horning, MSRE and Jennifer Cusmano, represented the seller, Ferri South Main Street Plaza, L.P., in the transaction with the buyer, Dhan LLC.

Situated in a prime location, the plaza is a retail shopping center spanning 48,000 square feet across five buildings.

The center is easily accessible via Routes 11, 81 and 309 and boasts close proximity to many other retail and office complexes in downtown Wilkes-Barre.

The property is home to a variety of tenants, including Subway, H&R Block, Little Stars Childcare, Tropic Pet Center, Clipperheads and more.

The buyer, Dhan LLC, plans to implement a long-term value-add strategy to increase rents through strategic capital improvements.

To market and manage the sale process of the property, Team Lizzack-Horning said they leveraged Ten-X, the world’s largest online commercial real estate exchange platform. They said the auction helped the team quickly attract a buyer for the property and close the sale at the highest purchase price.

“The I-81 Corridor is one of the most fundamentally sound and highly amenitized sub-markets in eastern Pennsylvania and continues to offer strong retail investment opportunities,” said Horning. “We’re proud to have utilized Ten-X to quickly close this deal and help our client secure maximum value for this asset, and we want to wish the buyer all the best with their future plans for the property.”

Founded in 2014, Team Lizzack-Horning is an expert brokerage team that specializes in healthcare, office and investment property transactions. The team said it has successfully closed more than 80 deals over the past 24 months totaling more than $100 million.