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PennSpring Capital buys James Street Elevator Works for $1.55 million
Cris Collingwood//September 16, 2022
PennSpring Capital buys James Street Elevator Works for $1.55 million
Cris Collingwood//September 16, 2022
Lancaster-based PennSpring Capital bought The James Street Elevator Works for $1.55 million with plans to move its recently acquired Wilkes-Barre company to Lancaster.
Lou Castelli, managing partner at PennSpring, a private equity firm, said the company bought the majority stake in Mobiniti, a text marketing firm in Wilkes-Barre about six months ago and will move its 20 employees to the buildings largest of three commercial spaces.
Later this year, PennSpring will move its operations to the Elevator Works property, located at 202-206 W. James St. The sale included an attached property at 216 ½ W. James St., he said.
The move brings Mobiniti closer to PennSpring, which offers support to the company, Castelli said, adding Mobiniti plans to hire 12 to 18 people over the next year, primarily in sales and tech development.
The current tenants will be moving out of the 19th century, renovated 12,000-square-foot building, allowing for the move, he said.
