PETERSBURG, VA—Eleven months after Boehringer Ingelheim put its 219-acre campus on themarket, it has found a buyer: UniTaoPharmaceuticals LLC, a subsidiary of Shanghai-basedTenry Pharmaceutical Co., Ltd., is acquiring thespread.
The company manufactures active pharmaceutical ingredients andit plans to invest $22.5 million in the facility to establish itsoperations at the site. This will follow Boehringer Ingelheim'smore than $150 million investment in the 85-acre site since itstarted developing it in 2008.
The sale got a not-so-subtle nudge from VirginiaGovernor Terry McAuliffe, who met with company officialsin Shanghai during his Asia Marketing Mission. The state competedagainst California and China for the project, which is expected tobring 376 new jobs to Petersburg. The city was aided by a $1million grant from the Governor's Opportunity Fund.
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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.
