OLDSMAR, FL-Cryo-Cell International Inc., a global processor of cord blood stem cells, has signed a 10-year lease with Tampa, FL-based Harrod Properties Inc. which is completing a customized 18,000-sf manufacturing, laboratory and clinical facility in this city five miles north of the company’s headquarters in Clearwater, FL.

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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