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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.