10C — November 8 - 21, 2013 — New Jersey — Mid Atlantic Real Estate Journal


C entral N ew J ersey

MRYAssociates inPartnershipwithNormandyReal EstatePartners todevelop466SpringfieldAvenue New Ownership Acquires 35,000 s/f Summit site to create new office and retail building


UMMIT, NJ — MRY Associates , founded by real estate industry

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 s/f of headquarters- quality office space, 4,500 s/f of high-quality, ground floor retail space, and 2,500 s/f 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 Spring- field 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 vernacu- lar of downtown Summit, the new, mixed-use building will feature a modern brick façade with precast accents, offering 85-feet of frontage along SpringfieldAvenue. The partnership will incorporate energy-efficient windows, as well as cutting-edge building mechanicals with an energy management system. “We are extremely pleased that Mark and Normandy are continuing their investment and track record of success in Summit with the redevel- opment of this significant Springfield Avenue site,” said Summit Mayor Ellen Dickson. “This latest project is a testa- ment to Summit’s appeal as a first-rate community and busi- ness destination, and we look forward to welcoming a new, modern commercial develop- ment to our downtown.” Vertical construction on 466 Springfield Avenue is sched- uled to commence in January 2014, with completion pro- jected 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 CorporateAirport are both approximately 15 minutes away. The downtown Summit area features more than 200 stores and restau- rants. 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. n

veteran Mark Yeager , in partnership with Normandy Real Estate Partners , one of the nation’s leading private equity real estate firms, an- nounced that the partnership has acquired a prime, one- quarter-acre site in downtown Summit with plans to create 466 SpringfieldAvenue, a new 35,000 s/f boutique class A of- fice and retail building. The partnership will soon embark on a comprehensive redevelopment program for

466 Springfield Avenue

1,600,000 SF

To Be Built Dayton, NJ (732) 287-4880

Lease with the

Market Leader

205 Mill Road, Edison NJ 08837 (732) 287-4880

Made with FlippingBook - Online magazine maker