HILLSIDE, NJ-Picasso Lighting, which once occupied multiple locations in Brooklyn, NY, has consolidated its operations at an 88,000-sf industrial building on North Broad St. here. Pecaso Realty, a real estate holding company and affiliate of Picasso Lighting, has completed the acquisition of the building at a cost of $3.6 million.

Picasso Lighting actually moved into the building last year, leasing it with an option to buy. The sale was completed with the help of a low-cost loan from the state. The seller was a local partnership

“With four different buildings in Brooklyn, it was a nightmare,” says Jose Espinosa, who co-founded the company 10 years ago with Sol Shem-tov. His company is a manufacturer and wholesaler of crystal chandeliers and upscale lighting systems.

“Rather than continue to pay rent for four buildings, about $30,000 monthly, we made a business decision to consolidate everything and look for a building of our own,” Espinosa continues. “It has certainly made it easier to run our business.”

The loan from the state, amounting to $770,000, came from the New Jersey Economic Development Authority. That amount was matched by a loan from the Small Business Administration, arranged by the Corp. for Business Assistance in New Jersey, which the EDA staffs. The project is also being financing with a $1.5 million loan from Banco Popular. And Pecaso Realty provided more than $500,000 in equity.

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