Search
 

Summit Medical Building Gets $20M Rebirth

SUMMIT, NJ-The newly renamed Summit Executive Center will be transformed into a LEED-certified office building.

By Debra Hazel | Updated on April 13, 2011

SUMMIT, NJ–A 50/50 partnership of real estate investor Mark Yeager and Normandy Real Estate Partners has acquired the Summit Medical Building here for $6 million from Hilltop Parmely Partners, and renamed it Summit Executive Center as part of a $20-million plan to redevelop it into a class A, LEED-certified facility.

In addition to renovating the four-story, 40,000-square-foot building, originally constructed in 1969, the new owners will develop a 25,000-square-foot addition. The previous ownership had received final site plan approval in 2008, but did not complete the building because of the economic downturn. Construction on the project is scheduled this spring, and is expected to be completed by late spring of 2012 in order to accommodate tenant move-ins by summer of next year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.