Summit Development Reaches Agreement to Acquire Four National Amusements Sites

Nov. 26, 2008 - PRLog -- Demonstrating that despite the recession there continues to be life in the real estate market, Summit Development, a leading regional real estate developer, said yesterday that it has reached an agreement to acquire four Connecticut commercial properties representing 95 acres owned by National Amusements.

Summit, based in Southport, said that the closing on the first of the four locations was today. This former multiplex location on Marsh Hill Road in Orange (across from the proposed Stew Leonards) will be re-developed for a new 350,000 sf regional service center by The United Illuminating, which has, in turn, purchased the location from Summit.

In addition to the property in Orange, Summit will acquire National Amusements locations in Milford, East Windsor and East Hartford.  These properties were all formerly cinema locations that have been replaced by state-of-the-art Multiplex Cinemas.

The brokers in the Orange transaction were Nick Morizio and John Cafasso of Colliers Dow & Condon and Les Cranmer of Studley.

Felix Charney, President of Summit, said each of the four locations is strategically located at a major highway interchange.  “These are prominent, high quality commercial locations.  With the exception of the site in Orange, all are zoned for retail use and are ideally situated for major new retail development.”  In the case of Orange, the property is zoned to permit the use planned by United Illuminating.

“While the real estate market is certainly challenging, the fact remains that the best locations always retain value and create opportunity,” Mr. Charney explained.  “Over the decades our company has come through several major slowdowns in the real estate market.  However, we are careful investors and we have been able to find solid value and opportunities during both good and bad times.  We are evaluating additional investment opportunities on a daily basis and are always interested in exploring potential future acquisitions.”

Mr. Charney said that in addition to its offices in Southport and Chappaqua, NY, Summit opened an office in Florida last year. “It’s no secret that Florida is experiencing significant real estate devaluation, but within that market there are excellent values and investment opportunities.  We are actively working in the market and felt strong enough about the potential there to open a local office there.”

Summit Development LLC is a 27-year-old diversified real estate company. Summit has completed 60 projects representing 4,000,000 sf and 1,000 residential units in Connecticut and Westchester County, NY.