Spotted in Montauk
We recently found Summit Associates’ Vince Visceglia and wife Caroline Russo at the Montauk Yacht Club on their first trip without the kids in two years. Vince tells us 3M of Summit’s 3.5M SF is warehouse/flex in New Jersey’s Raritan Center, the largest business park east of the Mississippi. There is still some land in Central New Jersey available for industrial development, he says, and there’s opportunity to support the ports, considering the $650M public project to raise the Bayonne Bridge for Panamax boats.
But low interest rates, demand, and limited inventory have driven Summit to expand into other markets and product types. On July 1, it completed a 40k SF medical office building in Plainsboro, N.J., called Forrestal Professional Center. Vince tells us the project, two miles east of the 630k SF University Medical Center of Princeton, started spec and is already 90% leased.
