5 Locations For Sale

The Lippi Office Portfolio comprises five suburban office buildings in Kingston, Pennsylvania, an affluent suburb of Wilkes-Barre, minutes away via the Pierce Street Bridge spanning the Susquehanna River. Built between 1978 and 1998, the buildings are one- to three-story brick and stucco buildings totaling 95,037 rentable square feet, with abundant surface parking. Well-located and well-maintained, the Class B buildings have consistently maintained 95% occupancy by small- to medium-sized healthcare, finance, insurance, legal, and other professional service-type tenants.

Currently, the properties are leased and managed by Ownership. These are irreplaceable locations dominating the Kingston office market, which is severely office supply-constrained, limiting opportunity for new, competitive offerings.

Lippi tenant leases are short-term, full-service, and rented on a usable square foot basis. This creates substantial upside in renewals, year-to-year, full service gross, by converting to a rentable square feet, and instituting tenant reimbursement of pro rata common-area expenses, insurance, and property taxes, raising rents to Market without capital expenditure!

At an Offered Price less than half of replacement cost, this is truly a value add opportunity.