SUMMIT, NJ—MRY Associates, founded byreal estate industry veteran Mark Yeager, in partnership with Normandy Real Estate Partners, one of the nation’s leading private equity real estate firms, today announced that the partnership has acquired a prime, one-quarter-acre site in downtown Summit with plans to create 466 Springfield Avenue, a new 35,000-square-foot boutique Class A office and retail building.
The partnership will soon embark on a comprehensive redevelopment program for the property, commencing with demolition of an existing structure that has sat vacant for more than five years. In its place, the partnership will develop a four-story, state-of-the-art building featuring 28,000 square feet of headquarters-quality office space, 4,500 square feet of high-quality, ground floor retail space, and 2,500 square feet of lower-level storage space set amidst Summit’s vibrant, walkable downtown.
“Summit is one of the most desirable office and retail destinations in New Jersey, offering excellent access to mass transit and a dynamic downtown with numerous exciting shopping and dining options,” said Yeager. “With limited availability among Class A commercial space in this market, we are confident that our plans for 466 Springfield Avenue will be met with strong demand by office users and retailers that appreciate the inherent value afforded by the site’s strategic location.”
Designed to complement the architectural vernacular of downtown Summit, the new, mixed-use building will feature a modern brick façade with precast accents, offering 85-feet of frontage along Springfield Avenue. The partnership will incorporate energy-efficient windows, as well as cutting-edge building mechanicals with an energy management system.
The development is the second Summit venture for the partnership of MRY Associates and Normandy Real Estate Partners. In 2012, the partnership completed the redevelopment of the former Summit Medical Building into Summit Executive Center, a 65,000-square-foot, LEED-certified, Class A office building that is fully leased to a high-caliber roster of tenants.
“We are extremely pleased that Mark and Normandy are continuing their investment and track record of success in Summit with the redevelopment of this significant Springfield Avenue site,” commented Summit Mayor Ellen Dickson. “This latest project is a testament to Summit’s appeal as a first-rate community and business destination, and we look forward to welcoming a new, modern commercial development to our downtown.”
Vertical construction on 466 Springfield Avenue is scheduled to commence in January 2014, with completion projected during the first quarter of 2015.
The site of 466 Springfield Avenue is situated in a central downtown location, two blocks from an NJ TRANSIT rail link that provides Midtown Direct service, as well as direct lines to Hoboken and Newark. Just 20 miles from Manhattan, Summit is an affluent Union County suburb with access to main routes of transportation including Interstate 78, Route 24, the Garden State Parkway and the New Jersey Turnpike. Newark Liberty Airport and Morristown Corporate Airport are both approximately 15 minutes away. The downtown Summit area features more than 200 stores and restaurants. Local amenities include the Short Hills Mall, Short Hills Hilton, Grand Summit Hotel, Summit Playhouse, the DeBary Inn and the Visual Arts Center of New Jersey.
About MRY Associates/Mark Yeager
Mark Yeager is founder and principal of MRY Associates, LLC, a private equity real estate organization seeking value added commercial and multi-family investment and development opportunities in the Northern New Jersey marketplace. With 28 years of experience in commercial real estate, Yeager previously served as president of The Gale Company, where he oversaw the investment of more than $3 billion of institutional funds and the acquisition or development of more than 15 million square feet of commercial space throughout the greater New Jersey marketplace. He also previously served as executive vice president of Mack-Cali following the company’s acquisition of Gale.
About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City, Los Angeles and Washington, D.C. Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments. Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites. Normandy targets value added real estate investments in the gateway markets of Boston, Metro New York City, Los Angeles, San Francisco, andWashington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements. For more information visitwww.normandyrealty.com.