For those pharmaceutical and manufacturing companies that have been operating in Puerto Rico for at least a decade, the experts at Christiansen & Portela recommend a “checkup.” “There are a lot of companies around the island that are not up to date on real estate and are located in areas where they don’t need to be anymore,” said Gerald Christiansen, principal at Christiansen & Portela. “A company that came here 20 years ago and built its operation on what was then a farm could be sitting on property that is worth a fortune today.”

He explained that although companies are experts at manufacturing their products and running their operations, they are often clueless when it comes to the value and usefulness of the property they currently own. By performing a best-use analysis of the land and facilities, Christiansen pointed out his firm can help these operations either find a more cost-effective location or enter into a sale leaseback agreement with a buyer who is willing to pay top dollar for the property and then lease it back at a reasonable cost to the manufacturing operation. “By analyzing the site and providing different options, we can offer alternatives for a company to remove capital from the land and become a tenant,” said Christiansen. “Companies are often surprised by how much flexibility this gives them.”

Christiansen & Portela can also help companies take a closer look at their operations and determine which divisions could perhaps be consolidated and moved to another location that is more cost efficient. For example, he pointed out sales and distribution divisions can often be relocated to offices that are more convenient and accessible to clients. “These kinds of operations don’t necessarily need to be at the same place as the manufacturing facilities themselves,” he said. “We have shown many companies they only need to own their critical real estate and lease their office and distribution space.” Suggesting locations such as City View Plaza II on PR165 in the San Juan metro area, he pointed out companies are finding this alternative of moving nonmanufacturing divisions off the plant site to be a smart decision. “The idea is efficiency, and we want companies to see us as a resource that can provide a full analysis and give them the best options,” he said. “With property values and markets changing over the years, companies that use us for this kind of service have been very pleased and have found the analysis to be extremely useful.” Specializing in prime office, industrial, and commercial properties, Christiansen & Portela works with both local and multinational companies and can address any kind of need related to property acquisitions and dispositions, leasing, tenant representations and site selection.