The building is expected to be completed by fall. The hard construction cost wasn't disclosed; but area construction industry sources tell GlobeSt.com a biotechnological facility of this category can't be built for less than $200 per sf or a total $3.6 million.
The value of the 18,000-sf lease also wasn't disclosed but area brokers peg current average asking general manufacturing rent at $4 per sf. Brokers familiar with the Clearwater submarket tell GlobeSt.com the effective Cryo-Cell lease will probably be in the $8 to $10-per-sf range or about a total $1.5 million.
Mercedes Walton, chairman and interim CEO of Cryo-Cell, calls the deal "a significant capital investment" for his firm and one that "will establish a new standard for technological and operational excellence." Walton says Cryo-Cell International is "the world's largest U-Cord stem cell banking firm, offering high-quality cord blood preservation exclusively for the benefit of newborn babies and possibly other members of their family."
The publicly traded company is listed on the Over-the-Counter Bulletin Board where it is trading in the 61 cents-per-share range.
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