Online commercial auctions scheduled for two prominent downtown Wilkes-Barre properties

Online commercial auctions have been scheduled for two prominent downtown Wilkes-Barre properties — 7 S. Main Street, which previously housed a Barnes & Noble book store, and a seven-story office building at 46 Public Square.

Although separate entities are involved in each property, both auctions will run from April 7 to 9, according to online postings.

Ten-X is handling the auction of 7 S. Main St., which is known as the Innovation Center at Wilkes-Barre. Bids start at $450,000. Details are posted at ten-x.com.

The minimum bid for 46 Public Square was unclear. The auction is posted through crexi.com, a commercial real estate entity.

7 South Main

Once home to a Woolworth’s department store, the property adjacent to Boscov’s was transformed into a business and technology hub in 2004 by the Greater Wilkes-Barre Chamber of Business and Industry, which is now the Greater Wyoming Valley Chamber of Commerce. The additions included the THINK Center, a technologically-equipped space for meetings and seminars.

The Barnes and Noble Wilkes-Kings Bookstore anchored the building for 15 years.

Albert Holdings 1 LLC, managed by developer George Albert, purchased the property from chamber affiliates in 2016. Albert Holdings sold it to Innovation Center LLC, which has offices based in Brooklyn, for $2.3 million in January 2022, county deed records show.

The property is assessed at $1.4 million for real estate taxation purposes, according to county assessment records.

Family Investments Realty, which is serving as sale advisor, said the mixed-use retail and office building is 60,000 square feet across four floors, including the finished lower level — 21% leased to tenants that include marketing agencies, the chamber, law firms, a psychologist and several professional service entities, it said.

The description highlights the property’s proximity to Wilkes University and King’s College and the city’s downtown. The former bookstore retail space has a large open plan for convenient retrofitting and renovation. Its “top-tier features and amenities help it stand out from similar properties in the area,” the description said.

“This situates the property as a prime option for users seeking quality space for their operations or value-add investors hoping to engage a new leasing strategy and increase profitability,” it said, urging prospective buyers to “seize this rare chance to acquire a renovated mixed-use retail and office property with significant lease upside and an unbeatable location in the heart of downtown.”

Jahan Tabatabaie, a broker and owner of Family Investments Realty, said he has received some inquiries about the property and described it as a “solid, beautiful building” that has been well maintained.

“It’s a great part of the history in Wilkes-Barre, and I think any buyer that would seek to purchase this property will find that this is a pretty high-quality building,” Tabatabaie said. “I certainly hope there will be another buyer who will see the value in this property and ultimately make the purchase and make the Wilkes-Barre community that much stronger.”

Auctions are “not a new concept,” said Tabatabaie, whose firm is based in Dunmore and focuses on commercial and income-producing properties.

Auctions can be appealing to both sellers and buyers because the prevailing high offer is visible to all parties, as opposed to private one-on-one negotiations that may involve repeated exchanges of offers, he said.

“There’s a little more transparency. I think buyers appreciate that,” he said.

Prospective buyers must register for the auction and sign a confidentiality agreement if they want access to additional information, he said.

46 Public Square

This brick building extending from North Main Street onto Public Square once housed the Martz bus terminal before it moved to the nearby James Conahan Intermodal Facility and also was home to Mimmo’s Pizza, which closed last April after 42 years.

Current tenants include the Comitz Law Firm LLC.

Frank M. Henry Associates and the Wilkes-Barre Industrial Development Authority sold the property to PSA Realty Co. for $4.54 million in January 2015, deeds show.

It is assessed at $3.35 million, according to assessment records.

Realtor Bob Langton, of Keller Williams, said he is involved in marketing the site for the auction and said the structure is seven stories. In all, the property contains approximately 74,000 square feet of office and retail space along with a parking area, he said.

The auction site describes the property as an “iconic office tower” located in the “heart of Wilkes-Barre” with convenient access to Interstate 81.

“Designed for professional efficiency and accessibility, this well-maintained building features modern office layouts, shared amenities, and high-traffic ground-level retail spaces, making it an ideal location for businesses of all types,” said the crexi auction site.”