FORECLOSED PROPERTY
The Star Ledger - April 5, 2002 -- Alexander Summer, LLC of Paramus and Morristown has been selected by the Pullman Bank as managing agent for a 120,000-square-foot office/flex/warehouse facility in Fishkill, N.Y. The property, formerly occupied by IBM, was recently acquired by the bank. Alexander Summer, LLC will manage a complete renovation of the facility, which will be converted from a single to multi-tenanted flex building.
Joe LaFico, REO manager of The Pullman Bank, states, "After our success working with the Alexander Summer, LLC team on 550 Broad St., our Newark property, we hired them again to oversee the repositioning of the Fishkill property. They operate as our local hand-on team, and provide us with worry-free ownership, since we operate from Houston, Texas."
Located at 504 Merritt Parkway Blvd., the facility is strategically located at the junction of Routes 9 and 84 and is adjacent to the 2-million-square-foot Gap Distribution Center. The dramatic silver exterior facility features three loading docks, 14-foot-high ceilings and a two-story lobby area. It will receive new common-area amenities, upgrades to its technological infrastructure and other physical improvements.
Barbara Martinez, senior vice-president of asset management, Alexander Summer, LLC, will be responsible for managing this assignment. Martinez commented, "This important assignment from Joe LaFico is a reflection of our strengths at Alexander Summer. For more than nine decades, our firm has excelled at repositioning challenging assets and enhancing the property's value for its owners. We have built a particularly successful niche in the workout of distressed and foreclosed properties and are pleased to have been awarded this prestigious assignment. We look forward to working with our client to ensure maximum results from this property."
Grubb & Ellis' Stamford, Conn., office is the project's leasing agent, while Scott Monroe of Innovative Design Group is the building's architect and space planner.
Alexander Summer, LLC recently completed a thorough renovation of 550 Broad St., a landmark office tower in Newark. Alexander Summer leased the building to an 80 percent occupancy rate and 550 Broad St. was recognized by BOMA with its Building of the Year award for 2001-2001. Alexander Summer manages more than 1.5 million square feet of real estate space for institutions, family real estate owners and corporations.
With an office Paramus, Alexander Summer, LLC builds long-term relationships with its corporate clients by delivering superior results through responsive service.
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