In a blow to the new owners of the Rhodia site, Monroe Township council has rezoned its half of the 82 acres that front the New Jersey Turnpike. On October 4 it passed on ordinance changing the zoning for 46 acres from light industrial to office professional. The rest of the acreage is in Cranbury.
The owners, Preferred Real Estate Investments Inc. of Conshohocken, Pennsylvania, strongly objected to the zoning change and are expected to litigate.
“The office market has been anemic for five years, but the industrial markets will be consistent because there is serious pressure on our ports,” says Gerald Fennelly of NAI Fennelly, who spoke at the meeting in support of the owners. He testified that office space has a vacancy rate of more than 25 percent, compared with about 11 percent for industrial space.
Confronted with the possibility that the campus could remain vacant for a long time, town council members said that safety and quality of life were more important than tax revenue.
Innophos, a phosphate company that formerly belonged to Rhodia, is the only occupant of this almost empty campus, which has 13 buildings and 310,000 square feet vacant. Rhodia, which had owned its campus for 15 years, moved to Cedar Brook Corporate Center earlier this year. The property is known now as Mid-Atlantic Corporate Center.
“Sometimes the buildings actually vibrate from trucks going by on the turnpike,” says Fennelly, who is marketing another Preferred Real Estate Property, the Technology Center at Princeton on Carter Road. “It may take a long time — and they know it — to get an office user to show up.”
Paradigm Technology Consulting LLC, 2133 Route 33, Hamilton Square 08690; 609-890-4150; fax, 609-890-4154. Bridgette Hobart, president. Home page: www.ptcllc.com
A company that tracks truck drivers is moving up. On Friday, October 20, Paradigm Technology Consulting is set to move from 3,600 square feet at Lexington Square Commons on Route 33 to 3,700 feet at Windsor Corporate Park. “We wanted a more corporate environment,” says Jason Pintinalli, marketing manager. The new address will be 50 Millstone Road, Building 400, Suite 150.
The company does business systems planning, project management, CRM, network design, and business analytics and training. It is a Microsoft Gold Certified Partner and is the sole distributor of Distinctive Systems Coach Manager and Vehicle Maintenance Systems. One of its programs captures all the data recorded by drivers on charter, contract, or internal trips, including driver advances and expenses, fuel purchases by state, daily mileage recordings by state, and type of travel and payroll information.
Lear & Pannepacker CPAs, 791 Alexander Road, Princeton 08540; 609-452-2200; fax, 609-452-1065. Eric Robert Lear, managing partner.
Eric Robert Lear and Scot D. Pannepacker have merged their practice, Lear & Pannepacker LLP with that of Joanne Linda Waxman, formerly at 44 Princeton Hightstown Road.
Lear founded the firm in 1984 with his friend, the late Gary Pannepacker, and established the first office on Nassau Street in downtown Princeton. Scot Pannepacker, Gary’s brother, joined the firm full-time in 1990. In 2003 the firm bought the 7,100 square-foot building known as the Treehouse, the first structure designed by Robert Hillier for his park on Alexander Road.
It provides such services as strategic business planning, estate and trust compliance, business valuation, litigation, and business transaction support. Waxman founded her firm in 1967, and one of her focuses is the tax and financial challenges of the elderly.
Lear went to Rider College, Class of 1979, and worked for WithumSmith & Brown before opening his own firm on Nassau Street along with the late Pannepacker. “I wanted to have more control over the time and attention I gave to each client,” says Lear. He focuses on fee-based financial planning, management consulting, and ancillary consulting services. For instance, he helped a recent client come up with a five-year-plan to sell his business. “I like to add value to someone’s life, in addition to doing tax reporting,” says Lear.
Lear got his feet wet doing accounting in an entrepreneurial situation when his 18-year-old sister opened a flower store in northeastern Philadelphia. At age eight, he helped his mother to keep the books. Later his father, who worked as an airplane mechanic, showed him a newspaper article claiming that 80 percent of the nation’s CEOs started out in accounting. Overall, the family business taught him “hard work and integrity, which is what we have in our business. We work intensively and in off hours, and there can be no second guessing.”
“To the general public accounting may seem to be a routine process, when, in fact, there is a tremendous opportunity to use information from financial statements and tax returns to better understand opportunities for the growth of a business or personal net worth,” says Lear. “We believe in an added value approach to make or save money.”
SMC Fixed Income Management LP, 5 Vaughn Drive, Suite 119, Princeton 08540; 609-228-1501. Vincent R. Giordano, president/senior portfolio manager.
SMC recently acquired Claymore Advisors from Claymore Securities. The seven-person firm specializes in fixed income mutual funds and separately managed portfolios. Claymore Advisors was nearly three years old.
Mathematica Policy Research Inc., 600 Alexander Park, Suite 100, Princeton 08540; 609-799-3535; fax, 609-799-0005. Charles E. Metcalf, president. Home page: www.mathematica-mpr.com
As of January 1, Charles Metcalf will step down as CEO and president, and Paul Decker, current executive vice president and COO, will take over. The company does public policy research and surveys for federal and state governments, foundations, and private-sector clients.
Metcalf has been president and CEO of Mathematica since 1986 and had been director of research from 1975 to 1986. Decker earned his economics PhD from Johns Hopkins University.
Borden Perlman, 2000 Lenox Drive, Suite 202, Lawrenceville 08648; 609-896-3434; fax, 609-895-1468. Douglas Borden, president. Home page: www.bordenperlman.com
Borden Perlman, a third-generation, family-owned insurance company, moved in August from 7,000 square feet at 2850 Brunswick Pike to 8,600 square feet at 2000 Lenox Drive. The 30-person company wanted more attractive facilities.
The property and casualty agency came about as the result of a 1995 merger between WS Borden Co., which originally specialized in industrial and manufacturing insurances and operated at 224 West State Street, and Perlman Insurance, which sold mostly commercial and retail insurance from 133 Franklin Corner Road.
Compliance & Ethics Learning Solutions DBA Midi Inc., 101 Morgan Lane, Suite 301, Plainsboro 08536; 609-955-5100; fax, 609-924-9207. Thomas Parry, CEO. www.midicorp.com
Compliance & Ethics Learning Solutions, known as Midi, has moved from 9,200 square feet at 100 Thanet Circle in Princeton to Enterprise Business Park in Plainsboro. According to an October 3 press release, president and CEO Elizabeth Tomaszewicz has left the company for personal reasons and Thomas Parry, formerly senior vice president for sales and global services, replaces her.
Midi provides compliance and ethics programs and services for Global 2000 companies.
P&A Management, 1207 Route 156, Hamilton 08620-1700; 609-587-3775; fax, 609-588-4980. Albert L. Pellegrino, president. www.pamanagement.org
P&A Management, which manages condos and townhouses, moved from 500 square feet at 2277 Route 33 in Hamilton Square to 1,000 square feet in Hamilton.
The Cleave Group LLC, 2 Tree Farm Road, Suite A-300, Pennington 08534; 609-818-9534; fax, 609-818-9535. William F. Cleave, president. www.cleavegroup.com
The Cleave Group, which helps insureds and insurers with risk management issues, moved from 26 Hedgecroft Drive to 2 Tree Farm Road.
Group Five, 1 Airport Place, Princeton 08540; 609-924-3771; fax, 609-924-4029. Jack Sunday, president. www.groupfiveinc.com
Group Five, a 16-year-old international independent consulting and research firm, has moved from 35-37 Tamarack Circle to 1 Airport Place. It focuses on customer research for financial services.
Targent, 181 Cherry Valley Road, Princeton 08540. www.targent.com
Targent Inc. sold its oncology assets to a California-based firm and vacated its office on Cherry Valley Road, which is also the office for venture capitalist Bob Johnston. Patrick McGuire resigned as Targent’s CEO.
Targent, a specialty pharmaceutical firm, hoped to take drugs now administered intravenously and turn them into oral compounds, which are more convenient and less expensive (U.S. 1, July 17, 2002).
The buyer was Spectrum Pharmaceuticals Inc., 157 Technology Drive Irvine, CA 92618 (949-788-6700). It trades on Nasdaq as SPPI.
UGI Energy Sources Inc., 704 East Main Street, Suite I, Morristown 08054; 856-273-9995; fax, 856-273-9996. Robert Topolski, sales director. www.ugienergyservices.com
Ed Tuohy retired and closed a regional office of UGI Energy Sources at 1230 Parkway Avenue, Parkway Corporate Center, in West Trenton. Robert Topolski is the regional manager in Morristown. The company focuses on energy purchasing plans for businesses.
Visiting Angels, 812 State Road, Princeton 08540; 609-430-8499. Christian Kongolo, director. www.visitingangels.com
Christian Kongolo closed his Visiting Angels franchise on Route 206. Peter Broskie, another Visiting Angels franchisee, is still open in Monroe Township (732-656-7720). This firm offers non-medical respite care for caregivers including errands, transportation, light housekeeping, and hygiene.
New in Town
IFM Resources Inc., 600 Alexander Road, Princeton 08540; 609-252-9327; fax, 609-252-9325. Suresh Chugh. http://ifmresources.com
IFM Resources, an investment banking and consulting company founded in 1996, moved into 1,300 square feet at 600 Alexander Road.
Wilmerding, Miller & Co. Inc., 212 Carnegie Center, Suite 106, Princeton 08540; 609-897-0969; fax, 609-799-3062. Lucius Wilmerding, chairman.
The family-owned investment advisory firm left 1,700 square feet on the third floor at 22 Chambers Street, owned by Princeton University, because the university would not renew its lease. Its new home is on the first floor at 212 Carnegie Center.
The five-person firm was founded in 1977, and it manages the assets of individuals in and from the greater Princeton area. Wilmerding, a 1959 graduate of the University of the South, admits that he has a slightly longer drive to work, but says that “at least there are no drivers roaring up and down Chambers Street.”