Real Estate Journal — New Jersey — November 10 - 23, 2017 — 15B
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N ew J ersey Bank of America provides $4.1 million loan CPTC gains 44,000 s/f through EDA’sPremierLenderProgram
RENTON, NJ — Essex County-based Consumer Product Testing Com- pany (CPTC) has been serving a niche in the global marketplace for more than four decades. Founded in 1975 by two indi- viduals, the family-owned and operated company has grown to a staff of 128. Recent sup- port from the New Jersey Economic Development Au- thority (EDA) allowed CPTC to purchase a permanent loca- tion in Fairfield and continue to grow in the State. CPTC tests cosmetics, per- sonal care, pharmaceuticals, medical devices, and special- ty chemicals for clients with products at every stage “from conception to completion.” The company, which is regulated by the United States Food and Drug Administration, Envi- ronmental Protection Agency, and Drug Enforcement Agency, also offers analytical chemistry, clinical safety efficacy, claims validation, photobiology, mi- crobiology, sterility testing, and in-vitro toxicology testing services. In addition, CPTC has a medical advisory board, complete with dermatologists, ophthalmologists, and pediatri- cians, as well as, a gynecologist T
6C — May13 - 26,2016—Projects/BuildingServices— M id A tlAntic
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P rojects /B uilding s ervices
Due to high occupancy, Massaro has developed another 22,000 s/f building at CRBC Massaro Properties, LLC announces new and returning tenants at Campbells Run Business Center agent in the transaction.
P ITTSBURGH, PA — MassaroProperties, LLC announced the completion of one new lease and two returning tenants at Campbells Run Business Center (CRBC) in Robinson Township. 180Medical Supply, one of America’s fastest growing, nationally accredited provid- ers of sterile-use catheters, ostomy and disposablemedi- cal supplies, is now leasing 2,534 s/f of office/flex space inCRBCBuilding 500.Mas- saroPropertiessalesassociate Lisa Tiche acted as a dual
for thebusinessandfind that space inashortperiodoftime. Theassistance thatwasgiven afterwemoved in to theoffice was even better. The staff responded tomy callsand re- questswithin the sameday... Iwould recommendMassaro Properties to any company who is looking for someone to get the job done right the first time.” In the first lease renewal, TRANE, one of the world’s leaders inairconditioningsys- tems, services and solutions, extended its leaseatCRBC for a five-year period. The com- pany will continue to occupy the entire 19,379 s/f prem- ises ofBuilding 400,which it has called home since 1988. TicheandMassaroProperties president David Massaro represented the landlord in thetransaction,whileTRANE was represented in-house by its real estatedepartment. Tiche also presided over a three-year renewal transac- tion with ChemDAQ Inc., a designer, manufacturer and seller of fixed gas detec- tion systems.Since 2011, the company has been a tenant ofCRBCBuilding300,where it occupies 6,000 s/f of office/ flex space. ChemDAQ Inc.CFOKevin Vaughn found the negotia- tion process to be a pain- less and efficient one, stating that “[Lisa and David] were both very accommodating, professional and gracious throughout the process.Most importantly,theyrepresented Massaro Properties with in- tegrity.Icouldnothaveasked formore.” In response to this recent activity, Massaro said, “It’s always an exciting opportu- nity towelcome a new lessee like 180MedicalSupply, and we look forward to building a lasting relationship with themaswehavewithTRANE, ChemDAQandallofourother long-term tenants.” “CRBC has always main- tainedahigh occupancy level due to itsconvenient location, and the building amenities and customer service our tenants have come to expect and appreciate,” Massaro continued. “Due to itssuccess, we have developed another 22,000s/fbuilding in thecom- plex. The building shell is completeandwehavealready begun discussions with sev- eralpotential tenants.” n
180 Medical Supply had been operating its regional branch intheNorthHillsarea for five years before national licensing& facilitiesmanager Bill Ronne began the search for a new space with higher visibility.Ronne foundexactly what he was looking for at CRBC. “Working with Lisa and Massaro Properties to relocate ourPittsburgh office turns out to be the best expe- rience I’ve had in over eight years,”Ronnesaid. “Lisa took thetimeto listentothespecial requirements that I needed
CRBCBuilding 400
Shown from left: Lon Weiss, COO and co-CEO, CPTC; Robert Frega, senior VP, Bank of America; Monika Athwal, business development officer, EDA; Melissa Orsen, CEO, EDA; Craig Weiss, president, CPTC
NEWBUILD-TO-SUIT OPPORTUNITY L IGHT INDUSTRIAL
and a dentist. Through the EDA’s Premier Lender Program, CPTC pur- chased the 44,000 s/f facility in Fairfield it had been leasing for 20 years. Bank of America provided a $4.1 million loan that included a 44 percent EDA participation. In addition to mortgage financing, Bank of America also provided CPTC with a line of credit to purchase equipment. The Premier Lender Program lowers the cost of borrowing for small businesses through the EDA’s partnership with more than two dozen banking
partners. It offers low-cost financing with quick turn- around time from approval to closing, and by participating in or guaranteeing a portion of a loan, EDA reduces the lender’s risk. Businesses can use this financing for fixed assets or term working capital. EDA CEO Melissa Orsen visited CPTC as part of the EDA’s ongoing efforts to facili- tate awareness of the programs it offers to support small and mid-sized businesses and not- for-profits. She was accompa- nied by Robert Frega , senior VP, Bank of America. n
ROUTE 28 NORTH 100ACREBUSINESSPARKUNDERDEVELOPMENT. LOCATED JUSTOFFEXIT16OFROUTE28.
PROPERTYHIGHLIGHTS New flexand industrialdevelopmentcoming soon. Phase I : ZONING: M1 LightManufacturingand S1 Special
FOR FURTHER INFORMATIONCONTACT MARTHA L.GRAHAM MASSARO PROPERTIES, LLC 120DeltaDrive .PittsburghPA15238 mgraham@massaroproperties.com 412.963.2800
56,100 SF Single StoryBuilding 63,200 SF Single StoryBuilding 33,600 SF Single StoryBuilding
Excellent visibility fromRoute28 Nobusinessprivilegeandnomercantile taxes 16Miles toRIDCO’Hara Township 24Miles toPittsburgh
If you are interested in writing a by-lined article on your area of expertise or Do you have a Project you would like to Highlight?
3159 Route 46 • Parsippany, NJ Available for Lease
Development coming in 2018 across the street!
10A—November 25 -December8, 2016—ProfessionalServices— M id A tlAntic
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P rofessional s ervices
By Ronald C. Kerins, Jr., CCM, LEED AP, GREYHAWK Construction management and consulting
U
nlikemanyotherbusi- nesses, construction canbeoneof themost
experts, advising and acting in a building owner’s best interest toeffectivelymanage allaspectsof theconstruction process. Then why is it that when embarking on a construction project,someownershesitate to bring this expertise to the table? First, letusdefineconstruc- tion consulting. The scope includes theoverallplanning, coordination, and control of a construction project from beginning to completion.The service ensures a client's re- quirements toproducea func- tionallyandfinanciallyviable
project are met. The con- struction consultantprovides comprehensive management of every stage of the project, beginning with the original conceptandprojectdefinition, toyield thegreatestbenefit to owners. Should a project not go as planned, construction consultants may be engaged to resolve issues or provide an opinion on who bears re- sponsibility.Asprofessionals, constructionconsultantshave a responsibility toadviseand protect a client’s interests, even if theadvice isnotwhat the clientwants tohear. Building owner clientswho
view the construction man- agerasatrustedadvisor,such as an accountant or lawyer, find that the guidance pro- vided can be most valuable before theproject commences andagreatasset in theplan- ning process. Financialmat- ters are an ongoing business function thatmay rely on the independent advice of an ac- countant to guide a company in financial decisions. Legal matters are another ongoing business function that re- quiresthe independentadvice of an attorney. The keywith reliance on these two profes- sions is that theirservicesare
ongoing. Construction may be once- in-a-lifetime, ora once-every- 10-years event that occurs when an organization has a planned capital expenditure. If construction, formost own- ers, isaunique event that oc- curs infrequently inthecourse of a company’s growth, why not seek the advice of profes- sional consultants to provide independent expertise? One of the key factors is that the owner may not be aware that professional con- struction consulting services exist.Anothermaybe thatan ownerperceivestheserviceas redundant to the architect or contractor.Someownersmay have stakeholders who are armedwith some knowledge of construction and do not find the process complicated enoughtoseekoutsideadvice. Today, parallel growth in both the educational and medicalmarkets has created moreopportunities forprofes- sional construction project management. Growth in the volume and complexity of projects in these sectors has forced many institutions to seek the expertise of consul- tant construction manag- ers.Projects are increasingly complicated by inclusion of Building InformationModel- ing (BIM), IntegratedProject Delivery (IPD), advanced BuildingAutomationSystems (BAS); the use of drones; and the requirements and certifacations for sustainable design, includingLeadership inEnergyandEnvironmental Design (LEED),GreenGlobes, and otherprograms. No longer can design and constructionteammatesagree that if the building is still standing, theydidanOK job. Financialand environmental metrics, occupant satisfac- tion, and other criteria now weighheavily indetermining project success. The benefits to the owner and team in terms of project organiza- tionandaccountabilitymake the services and guidance of a professional construction consultant more valuable than ever. Ronald C. Kerins, Jr. CCM,LEEDAP, is a prin- cipal of GREYHAWK, an award-winning construc- tionmanagementandcon- sulting firm headquar- tered in Mount Laurel, NJ.He can be reached at RKerins@greyhawk.com. n
complicated to manage. Every proj- ect – and every day – presents a different set ofchallenges and unfore- seen issues
RonaldKerins,Jr.
that must be addressed in prompt fashion, lest they cause delays in the project’s completion.Professional con- struction consultants exist to serve as subject matter
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