PETERSBURG, VA—Eleven months after Boehringer Ingelheim put its 219-acre campus on the market, it has found a buyer: UniTao Pharmaceuticals LLC, a subsidiary of Shanghai-based Tenry Pharmaceutical Co., Ltd., is acquiring the spread.
The company manufactures active pharmaceutical ingredients and it plans to invest $22.5 million in the facility to establish its operations at the site. This will follow Boehringer Ingelheim's more than $150 million investment in the 85-acre site since it started developing it in 2008.
The sale got a not-so-subtle nudge from Virginia Governor Terry McAuliffe, who met with company officials in Shanghai during his Asia Marketing Mission. The state competed against California and China for the project, which is expected to bring 376 new jobs to Petersburg. The city was aided by a $1 million grant from the Governor's Opportunity Fund.
Boehringer Ingelheim tapped Jones Lang LaSalle to broker the campus in January. In these negotiations, it was represented by Erin Corrie and Gregg Christoffersen from the broker's Hampton Roads office, Peter Ladas and Jimmy Appich from the Richmond office and Andrew Jones from the Washington, DC office.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
