Forte helps Rapid Packaging evaluate whether long-term location supports future growth
With an aging roof and HVAC equipment there was significant upcoming maintenance expenses on the property Rapid Packaging would incur if they purchased the facility. Forte negotiated with the landlord and made sure when these expenses come due, they would be paid for by the landlord and not included into the operating expense of the property on a long-term lease renewal. Both of those concessions along with the overall terms and conditions of the extension helped solidify the decision to extend the lease at their current property.
“The team at Forte Real Estate Partners helped us evaluate all our options in the marketplace including buying a building, leasing in another location, buying our current building, and renewing in place. They were clearly focused on our best interests and structured a transaction that provided us with fair terms and conditions in a rapidly rising industrial market while also providing flexibility in the event our real estate footprint changes in the future. We appreciate their efforts and would highly recommend Forte Real Estate Partners as a trusted advisor,” noted Mike Sime and Phil Milne, co-CEOs – Rapid Packaging.
Mike started the business in 1988 and Phil joined him in 2010.
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