SUMMIT, NJ—Normandy Real Estate Partners has acquired 25 Deforest Avenue, a three-story, 125,000 square foot office building in Summit, NJ. The transaction, a joint venture with Mark Yeager of MRY Associates, continues Normandy's strategy of acquiring and developing well-located and high-quality assets in downtown Summit.
“We're excited about 25 Deforest Avenue as its large, open floor plates – approximately 42,000 square feet – enable it to cater to tenants of all sizes that want a presence in this dynamic market,” says Paul Teti, principal of Normandy Real Estate Partners. “And the capital improvement program that we plan on implementing will only increase the building's attractiveness to prospective tenants, so we're looking forward to getting started on that immediately.”
Normandy intends to execute approximately $4 million in base building improvements that will reposition the property from a class B+ to a class A asset, address identified deferred maintenance, and make the remaining office vacancy more competitive in the market.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
