A local pharmaceutical compounding business has 2 acres under contract in MetroWest, with plans to expand with a new office and processing facility.
Located at 5954 Metrowest Blvd., the 1.98-acre parcel is neighbored by a credit union branch and a Wendy's, and lies a short distance from a Walmart Supercenter and the Valencia College campus in Metrowest.
The proposed development includes a two-story, 25,000-square-foot building with surface parking, to be used as a pharmaceutical compounding facility that will face the strict approval of the Food and Drug Administration.
The compounding business with the land under contract has not been named on plans or permit applications, and has Hobus of PBC serving as project manager.
Hobus told GrowthSpotter he anticipates a construction start late in the fourth quarter, with an estimated project cost of $12.8 million.
Local broker Mickey Hage is representing the buyer, which he declined to name Monday but confirmed the company has a presence in Orlando now and would be expanding with the new building.
An estimated 1,000 square feet on the building's ground floor would be used as a publicly accessible pharmacy store for custom-compound drugs, Hage said. The majority of the building would be offices and clean laboratory space dedicated to compounding pharmaceuticals, which the company ships out for orders nationwide.
Closing on the parcel is scheduled for June, with the buyer still in its due diligence period and a deposit that has yet to go hard, said Lou Forges of Robinson Forges Realty International, listing agent for the current land owner, Central Florida Educators Federal Credit Union.
The property was listed in mid-January by Forges at $1.1 million before being brought under contract in less than two months.
The compounding pharmacies market is projected to surpass $12 billion in revenue by 2024, driven by a growing elderly population that requires help with alternative dosage forms, according to an industry report released last June by Global Market Insights.