[ad_1]
Time-Cap Labs, a maker of over-the-counter pharmaceutical products, has leased 95,000 square feet at a new Melville industrial development.
The company, headquartered in Farmingdale, will be using its new space at 235 Pinelawn Road for warehousing and distribution operations. Time-Cap is consolidating those operations from another location in Melville and one in Central Islip. The new Melville space will also allow the company to free up space at its Farmingdale location to expand its manufacturing capabilities.
Time-Cap specializes in generic tablets, capsules and soft-gels of analgesics, laxatives, dietary supplements, and cough and cold medications. The manufacturer’s products are distributed by wholesalers, drugstore chains, big box stores, and mail-order pharmacies.
Time-Cap is the first tenant at the 599,983-square-foot Pinelawn Road building, one of two redeveloped by New Jersey-based Hartz Mountain Industries at the former 48.5-acre property formerly occupied by Newsday. The building at 235 Pinelawn Road has 40-foot-clear ceilings and 54-foot-by-56-foot column spacing.
Kyle Burkhardt and Josh Cohen of Cushman & Wakefield represented the tenant, while Phil Heilpern and Paul Leone of CBRE represented the landlord in the lease transaction.
“Due to the increase of new construction projects, local tenants are continuing to become more aware of the benefits of warehousing and storage costs based on a cubic storage analysis rather than a per square foot analysis,” Burkhardt said. “This makes any building with higher ceilings much more attractive than a lower ceiling property, even if the per-square-foot rental rate seems higher at first glance.”
Cohen added that the brokers explored multiple options for Time-Cap.
“In the end, the new construction with Hartz Mountain was the most cost-effective approach and therefore made the most sense for the tenant on a long-term basis,” he said.
Hartz Mountain purchased the Melville property for $54.5 million in Oct. 2018 and broke ground on the two-building complex in March 2021. The first building completed at the Melville site was a 246,500-square-foot warehouse and distribution facility at 90 Ruland Road that was leased to Amazon in Feb. 2022.
The building at 235 Pinelawn Road, which features 120 loading docks and two drive-in bays, is being divided to accommodate multiple tenants.
“We’re happy to kick-off this building with a tenant like Time-Cap and look forward to leasing the rest of the building to other quality tenants,” Heilpern said.
[ad_2]
Image and article originally from libn.com. Read the original article here.