The transactions involved approximately 156,000 square feet of gross building area and a total investment of $4.295 million in acquisitions.
Scott Bentley is among the investors expressing confidence in the downtown real estate market. Mr. Bentley’s Montco Tech Center LLC acquired the iconic New York Plaza Building at 238 High Street last November and then followed that transaction up with the acquisition of the Ellis Mills Building at 227 High Street this summer.
Win and Sutida Somboonsong also see opportunity in the downtown real estate market. The investors and restaurateurs acquired the five-story Security Trust Building located at High and Hanover streets in April of this year. Then this summer the couple also closed on the purchase of 254 High Street with plans to establish what will be their sixth Win Signature Restaurant.
Across the street, Adamerin Enterprises LLC bought 251 High Street where restaurateur Adam Burke and craft brewer Steve Armstrong are working on plans to partner on a new brew pub.
Most recently, the five-story office building that is home to Susquehanna Bank on the corner of High and Hanover streets was purchased by an affiliate of Redwood Real Estate Group.
That is a lot of real estate changing hands in a relatively short period of time. These investors and others recognize a great opportunity when they see it.
PAID is developing, coordinating and implementing an economic development strategy that will stimulate investment and sustainable growth.