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Boehringer Ingelheim Corporation Selling Virginia Production Campus


1/30/2014 11:51:28 AM

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Boehringer Ingelheim is shopping a pharmaceutical production campus in Petersburg, Va. The German pharmaceutical company has tapped Jones Lang LaSalle to list the 190-acre manufacturing campus after deciding to consolidate production into existing facilities in Europe, said Stan Manoogian, senior v.p. at JLL.

Potential buyers are expected to be like-use companies that can utilize the campus’s capacity for bulk production. “This is an opportunity to acquire a state of the art production facility,” Manoogian added. He declined to disclose a potential price, citing the relatively rare nature of a sale like this.

The size of the facility means that Boehringer is open to sub-dividing the campus between different users. “It’s a four-synthesis building with different capacities so we may end up with a mix [of buyers],” Manoogian noted. “There’s some interest in its use for academic research. We like to try to foster a diversity of occupancy.”

Right now, the campus is vacant. “It will allow [the buyer] to be competitive with overseas producers thanks to its proximity to the I-95 and its direct access to the Port of Virginia,” Manoogian said. The potential buyer will be in good company: Amazon built a million-square-foot facility in the area, and the campus counts a Walmart distribution center and a Rolls Royce production facility as its neighbors.

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