Simone Development Leases 30,000 SF to G.A. Fleet Subsidiary

NEW YORK, May 22, 2013 /PRNewswire/ -- Simone Development Companies announced that Fleet Pump & Service Group, Inc., a division of G.A. Fleet Associates, Inc., has leased Simone's 30,000-square-foot industrial facility at 455 Knollwood Road in Yonkers.  Fleet Pump & Service will occupy the property in its entirety, using the space as a testing facility for commercial-grade pumping equipment.  Joseph Simone, president of Simone Development Companies, made the announcement.

"We're pleased to satisfy Fleet Pump & Service's growth needs with this fine facility, and to add this high-quality tenant to Simone Development's expanding industrial portfolio," said James MacDonald, Vice President, Director of Leasing at Simone Development Companies.

Simone Development Companies acquired 455 Knollwood Road from Verizon in 2009, at a time when Verizon was downsizing its portfolio of owned properties.  The property underwent relatively minor renovations and was marketed for general industrial use.  Fleet Pump & Service found the property suitable for its needs for an expanded facility.

"We have acquired and re-purposed several former Verizon buildings over the years," said Joseph Kelleher, president & chief operating officer of Hutch Management LLC, an affiliate of Simone Development Companies.  "In some instances the advancement of new technologies has enabled Verizon to free up space and offer great buildings to investors.  These properties were built to high standards, and typically are well-maintained and well-located.  We have taken advantage of that opportunity here, and on previous occasions."

In addition to 455 Knollwood Road, Simone Development Companies has acquired other Verizon properties, including 2510 Westchester Avenue, Bronx, NY in 2008, and a property in the Five Towns area of Long Island in 2013.

Fleet Pump & Service Group, Inc., founded in 1987, serves the "in-place" pumping equipment market.  Its new, expanded facility at 455 Knollwood Road will include mechanics' stations, a test pit to run calibrated flow tests, inventory and office space.  A total of 35 professionals, including engineers, technicians, and the Service, Sales, Parts, Portable/Rental, and Service Contract Departments, focused on maintaining and expanding the large and growing population of systems and equipment sold, will be housed at the property.  Fleet Pump & Service is a subsidiary of G.A. Fleet Associates, the leading provider of HVAC, pumping, and other major building systems for large properties and municipal projects throughout New York City.

About Simone Development Companies

Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of office, retail, industrial and residential properties in the New York tri-state area.  Headquartered in the Bronx, the privately held company owns and manages more than 5 million square feet of property in the Bronx, Westchester County, Queens, Long Island and Connecticut.  The company's portfolio includes more than 100 properties and ranges from multi-building office parks to retail and industrial space.

The company's largest and most successful development is the 42-acre Hutchinson Metro Center office complex located directly off the Hutchinson River Parkway in the Pelham Bay section of the Bronx.  The first two phases of the complex (1200 Waters Place and 1250 Waters Place), which comprise nearly 750,000 square feet of Class A office and medical space, are fully leased.  Two additional phases totaling 650,000 square feet (the 370,000-square-foot Metro Center Atrium and 280,000-square-foot Tower Two, adjacent to 1250 Waters Place), are currently under development.

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SOURCE Simone Development Companies