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670 – 672 S. River St. Wilkes-Barre, PA 18705

Site History

Waterfront Professional Park is an approximate 10+ acre parcel in Plains, PA that is the home of both 670 South River Street, 672 South River Street, and a McDonalds.  It is also the future site of 600 Waterfront—Luxury Living.

 

Waterfront Professional Park (WPP), formerly the Flynn Oil Company, was purchased by Mr. Spengler for development in 1998.  Out of the initial 8.5 acres, Spengler created a 5-lot subdivision and land development plan to include two ~60,000 square foot office buildings, a McDonald’s, and land for further development.

 

The existing McDonald’s was completed in 2001 and was immediately followed by 670 South River Street—a 63,000 square foot office building.  In 2005, 672 South River Street was completed, and tenants began occupying the 59,000 square feet in 2006.  Today both buildings are 95% leased with a healthy mix of fortune 500 companies and medical tenants.

 

In the process of putting all the infrastructure in place at WPP, Spengler installed a traffic light, built the sewer system, and put in place all the underground water run-off systems.  He also installed a traffic signal and expanded the road system on River Street (~25,000 cars per day) to include turning lanes.

 

At the height of the great recession years, it was a mixed bag at WPP.  One bank became insolvent and sold the 672 South River Street mortgage to PNC bank, while another bank faced liquidity issues and sold the note on 670 South River Street to C&I Solutions.  At this same time, both 670 and 672 South River Street became the new home for Community Health Systems after their acquisition of the Wyoming Valley Healthcare system.  This brought the total occupied space in both buildings to nearly 100% leased through 2024, while also requiring nearly $3mm in tenant improvements.

 

As the financial markets recovered across the country, both mortgages were refinanced in 2013 with M&T bank.  In 2016, the complex was expanded to over 10+ acres with the purchase of another 2+ acres from the Luzerne County Redevelopment Authority.  With the additional acreage, the total available land for the newest project (600 Waterfront) stands at 3.67 acres.  The last key transaction to bringing the 600 Waterfront project to its current status was in November of 2017.  At the end of November 2017, the entire WPP was refinanced again by M&T bank providing Spengler the opportunity to buy-out his previous partners, which further allowed him to become the sole owner of the site for the first time in its 20 year history.

Timeline

1998 – Spengler purchases 8.0 Acres in Plains, PA on River Street, which was the former Flynn Oil Company.

 

1999 – Initial site work to create a five-lot subdivision and entrance for the future Waterfront Professional Park begins.

 

1999 – Environmental Study—Phase 1 & 2 completed.

 

1999 – Five-Lot subdivision and land development plan to include engineering, drawings, and all permits completed.

 

2000 – Sewer system designed by Borton & Lawson engineering–700 lineal feet that runs from Waterfront Professional Park under River Street, continuing another 250 lineal feet bored under railroad trestle into interceptor.

 

2000 – Purchased and installed traffic signal including the engineering.

 

2000 – Widened River Street in both north and south directions.  Created a medium volume intersection (HOP) for the entrance.

 

2000 – Installed water main and pump pit to feed subdivision with domestic water and fire protection water.

 

2000 – Installed all underground piping for rain water run-off for five-lot land development plan.

 

2000 – PPL engineering and transformers for subdivision installed.

 

2000 – Built retaining wall on River Street for parking lot, and a retaining wall along the Susquehanna River for flood control.

 

2000 – Engineered and installed communication infrastructure underground to include manhole and conduit from manhole for the subdivision.

 

2001 – Construction started on 670 South River Street.

 

2001 – McDonald’s completed.

 

2002 – First tenants move into 670 South River Street.

 

2005 – Construction began on 672 South River Street.

 

2006 – First tenants move into 672 South River Street.

 

2011 – Swapped an easement with PPL for an additional 0.7 acres.  Total acreage at 8.7 acres.

 

2013 – Added an additional 70 parking stalls to subdivision.

 

2014 – Purchased an additional 2.0 acres from the Luzerne County Redevelopment Authority.  Total Acreage at 10.7 acres.

 

2014 – Purchased license agreement for railroad crossing.

 

2017 – Minority partnership interests purchased.

 

2018 – Site work and marketing work begun for 600 Waterfront.

Amenities

McDonald’s on Site

 

.1 miles from Wilkes-Barre General Hospital

 

0.5 miles to Luzerne County Courthouse

 

Two Colleges and Universities within 1 mile

 

Restaurant/Pub on-site (River Grille)

 

Automatic doors & handicap accessible

 

Dedicated ingress and egress off of river street

 

4 parking stalls per 1,000 square feet (550 total)

 

Mix of medical and fortune 500 tenants

 

Will build-to-suit

 

100% turn-key build-outs for qualified tenants

 

On the Susquehanna River with vistas of the Pocono and Endless Mountains

 

Full and Partial river views

 

24 hour security and surveillance

 

Property management and facilities engineer on-site (24/7)

 

Janitorial/Custodial services on request

 

Outdoor walking track

 

Multiple elevators in each building

 

Cell Phone charging stations in lobbies

 

Electrical Vehicle charging stations (3)

 

High speed internet and fiber