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Deals & Dealmakers

Diversified Properties Brings Summit Mixed-Use Building to Full Occupancy with Retail Expansion

Diversified Properties, one of the region’s most experienced commercial/residential real estate developers and owners, announces it has signed a renewal and an expansion for 2,966 square feet of retail space with Summit Lusso Nails at The Promenade at Summit located at 545 Morris Ave in Summit, N.J.

The Promenade at Summit is a well-located 48,000-square-foot, three-story, mixed-use building constructed by Diversified Properties in 2010. The mixed-use building includes a now fully occupied 16,000-square-foot retail center with boutique spaces ranging from 1,230 – 1,604 square feet, as well as 22 spacious luxury apartments. The property also boasts on-site management with ample storage and underground parking, as well as prominent architecture, providing immense curb appeal to commercial tenants and residents alike. In addition, The Promenade at Summit’s convenient location offers quick access to some of the area’s major roadways, including Routes 24 and 78 as well as the Garden State Parkway.

Summit Lusso Nails is a new business that recently purchased an existing thriving nail salon business previously occupying a 1,458-square-foot space at The Promenade at Summit. Recognizing the tremendous opportunities for growth at the location, Summit Lusso Nails decided to expand into an adjacent 1,508-square-foot unit. The lease expansion brings the building’s retail occupancy to 100 percent.

Summit Lusso Nails joins an already impressive roster of tenants such as ConnectOne Bank, The Shape of You, Dunkin Donuts, Kumon and The Little Gym. The Promenade at Summit’s tenant roster, coupled with the property’s exceptional residential opportunities, has earned The Promenade at Summit a reputation as one of the area’s most in-demand places to both shop and live and highlights the continued success of Diversified Properties’ investment strategy for the property.

“Despite the headwinds facing the retail market, well-positioned assets like The Promenade at Summit continue to see high demand from all types of businesses,” said Nicholas Minoia, Founder and Managing Partner of Diversified Properties. “We welcome Summit Lusso Nails to the property and are excited to watch their continued growth.”

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