Vineland, NJ (10/10/2017) – The Cumberland County Improvement Authority (CCIA) has acquired the property and facilities located at 71 Park Avenue with plans to upgrade the complex formerly occupied in large part by NFI Industries. CCIA officials says the parcel and its 332,000 square-foot multi-purpose facilities will enable the Authority to improve and create sustainability in this key Vineland location adjacent to the new 275 Delsea Drive Professional Office Complex which the Improvement Authority completed earlier this year.
“Our goal as an Improvement Authority is to look for opportunities to acquire facilities and properties that show promise to the area, but are considered marginal sites because they are either underutilized or vacant,” Gerard Velazquez, President and CEO of the CCIA, explained. “This offering posed the opportunity to create a greater and more effective use of more than 332,000 square feet of land and facilities in a prime county area. “
The acquisition includes a warehouse measuring 270,000 square feet, a 32,000 square foot office building, a 30,000 square foot truck maintenance facility and acreage currently used for parking space. “While a minimal amount of this space is currently occupied by several local businesses, our plans for this tract is to cost-effectively convert these spaces into a more modern complex where several new businesses and agencies can locate,” Velazquez added.
Tenants will be offered incentives like GROW NJ awards that offers up to $300,000 in financing and up to $90,000 in tax credits for employers hiring qualified workers.
He added, “This significant undertaking made possible by local bank financing will have an equally significant and positive impact on our County and the City of Vineland.” According to Velazquez, the enhancements to this property would complement the CCIA’s improvements to both the 275 Delsea Drive and the newly constructed and also adjacent New Jersey Division of Motor Vehicles facility.
As the result of a competitive RFP process, the $12 million financing package for CCIA’s acquisition of the property was arranged by Vineland-based Capital Bank of New Jersey.
David J. Hanrahan, the bank’s president and CEO, said “Capital Bank is proud to have provided the financing for this important project, and to have done so in a way that was the most attractive option to CCIA. It’s especially gratifying to lend money that will go directly to revitalizing a key Vineland property. Jerry Velazquez and his team are doing good work throughout Cumberland County, and we’re happy to have CCIA as a customer of Capital Bank.”
Because of the size of the financing, Capital Bank arranged participations in the financing with area institutions, including Vineland-based Century Savings Bank. Joseph F. Rehm, Capital Bank’s Chief Lending Officer, noted “We have partnered with Century to finance a number of sizeable projects in South Jersey. We think it’s great when community banks can work together to aid local economic revitalization.”
The Cumberland County Improvement Authority’s economic development mission is the development, financing and integration of projects, strategies and initiatives integral to the sustainability of the future of Cumberland County. Its Board of Directors includes Robert Nedohon (Chairman), Albert Kelly, Dale Jones, George Olivio and Andre Lopez. For more information about the CCIA and its advancements, visit www.cumberlandYES.com.
Capital Bank is a $475 million community bank with five locations – two in Vineland, one branch in Woodbury Heights, one branch in Hammonton, and a new Loan Production Office in Marlton. In addition to Hanrahan, the bank’s Board of Directors is comprised of Dominic J. Romano, CPA (Chairman), John J. DiDonato, Harry E. Hearing, CPA, Daniel R. Kuhar, Patricia Pilone, Salvatore A. Pipitone, and George H. Stanger, Jr., A.J.S.C. (Ret.). For more information about Capital Bank, please visit www.capitalbanknj.com.