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SCRANTON, PA-With two separate acquisitions, King of Prussia, PA-based Greystone Capital Partners becomes a major player here. It acquires the 336,700-sf former Corning Photonics Plant on 110 acres in Benton Park for “in the area of $5.5 million,” John Wolfington, Greystone’s owner, tells GlobeSt.com. The plant, much of which was built in 1900, is vacant.

This follows Greystone’s purchase of Scranton’s largest downtown office building from the Scranton school board. It paid $200,000, plus $679,000 in back taxes for the 168,000-sf Connell Building. Nearly vacant, it contains a mix of retail, residential and office space.

Of Scranton, Wolfington says, “I like the area.” The Connell Building is located one block from the new Scranton Hilton & Conference Center. Greystone will vacate the Connell to make way for total renovation that Wolfington estimates will cost between $10 million and $12 million. On completion, it will continue to contain a mix of retail, residential and office space.

The Corning property could someday have an even more diverse mix. In all, the existing plant contains about 23,000 sf of finished office space and a 21,700-sf mezzanine within 121,000 sf of modernized area in addition to approximately 215,700 sf of shell warehouse space.

“Our first priority is to fill it up with tenants,” Wolfington says. As for the 110 acres of land, he says, “I don’t yet know what I’m going to do with it,” but he notes that residential development in addition to industrial, office and retail, together or separately, are among the possibilities.

Gene A. McHale, president, and Tony Hayden Jr., a vice president of Conshohocken, PA-based Beacon Commercial Real Estate negotiated the Corning acquisition for Greystone. Robert W. Anderson III and Greg Crum of Trammell Crow Co. represented Corning.

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