WATERTOWN, NY – Washington Summit Associates Managing Partner Michael E. Lundy and James F. Pemberton, C.A.N.I. Spine Center and Sports Physical Therapy have announced that Washington Summit Associates is finalizing acquisition of the C.A.N.I. Building and adjacent property from James and Gail Pemberton.
Plans call for the process to be completed and transferred by early May, where it will then become part of the Washington Summit Medical and Professional Complex.
According to Mr. Pemberton, the process began approximately 18 months ago when Mr. Lundy approached him about some development options with his property.
“I really wasn’t looking to sell the property or building, but as I talked to Mike and I heard more about his plans for further development options, I felt that maybe the timing might be right? Plus, I felt that his development ideas would tie in with Samaritan’s expansion plans. As I looked at what he has already done with Washington Summit I felt it would be good in general for the medical community. It is a win-win for everyone. Most importantly, we will not be going anywhere under this arrangement. C.A.N.I. Spine Center and Sports Physical Therapy will be staying right where we are and continuing to serve our patients, while looking
forward to the new growth Mike has planned.”
Mr. Lundy commented on the acquisition of the C.A.N.I. Building and property.
“This is a great opportunity for Washington Summit to expand as part of a major redevelopment of the property, which will not only include the 39,000 sq. ft. C.A.N.I. Building, but also the 11 acres of property. Other than our four remaining building lots that are still available, all of our current buildings at Washington Summit are 100% full. We have grown into the home of 16 different practices, plus Samaritan’s Summit Village, and have over 600 total employees working there. The C.A.N.I. Building and property was too good an opportunity to pass up and is actually why I put the Clinton Street renovation project on hold. Several of the prospective tenants I had discussed moving into Clinton Street will now be relocating to C.A.N.I., after we complete renovations to that facility. Those tenants will be announced very soon.”
Additional announcements and future plans for the 11 acres will also be forthcoming.