SUMMIT, NJ–A 50/50 partnership of real estate investor Mark Yeager and Normandy Real Estate Partners has acquired the Summit Medical Building here for $6 million from Hilltop Parmely Partners, and renamed it Summit Executive Center as part of a $20-million plan to redevelop it into a class A, LEED-certified facility.

In addition to renovating the four-story, 40,000-square-foot building, originally constructed in 1969, the new owners will develop a 25,000-square-foot addition. The previous ownership had received final site plan approval in 2008, but did not complete the building because of the economic downturn. Construction on the project is scheduled this spring, and is expected to be completed by late spring of 2012 in order to accommodate tenant move-ins by summer of next year.

“This is a unique situation,” Yeager tells GlobeSt.com. “It’s a kind of a small jewel box of a building in the middle of an active suburban downtown community, just two blocks from the Summit train station, and within walking distance of 200 shops and restaurants.” The development also will include a two-level, 200-car parking structure.

A lease with a lead tenant that will occupy approximately half the space will be announced in the next few days, says Yeager, “which is a tremendous impetus for us going forward. When you have this kind of space, there will always be a market.”