HSA Commercial Real Estate and West-Ward Pharmaceuticals Corp. today jointly announced that West-Ward has executed a long-term lease for the entire 100,000-square-foot South Point industrial facility at 4750 Pleasant Hill Drive in Memphis, Tenn., as well as a 50,000-square-foot addition to be developed and managed by HSA Commercial. The 50,000-square-foot expansion will be constructed on land adjacent to the east of the current facility. Groundbreaking on the addition is scheduled to occur May 2015 with tenant occupancy projected for September 2015.
The Memphis South Point facility is the single national distribution center for Eatontown, New Jersey-based West-Ward Pharmaceuticals Corp. West-Ward is one of the top 20 generic prescription medication providers in the United States, delivering pharmaceuticals to a growing number of chain stores, wholesalers, distributors, health systems and government agencies. West-Ward is the United States agent and a subsidiary of Hikma Pharmaceuticals PLC (LSE:HIK).
West-Ward acquired the multi-source injectables business and related staff and assets from Baxter Pharmaceuticals (NYSE:BAX), the previous tenant of the Pleasant Hill Drive building, in May 2011, thereby assuming occupancy of the building. Since acquiring this business and responding to the growing need for generic multi-source injectable products, including chronic pain, anti-infective and anti-emetic treatments in the United States, West-Ward has decided to further expand its footprint in this strategic location.
“West-Ward is excited about this opportunity to further expand its distribution capacity in Memphis, Tenn.,” said Frank Savastano, vice president Orals Manufacturing and Supply Chain Management for West-Ward Pharmaceuticals Corp. “For more than 10 years, the South Point distribution center has been a part of the Memphis community, and since the acquisition, a key contributor to the West-Ward supply chain. This investment further signifies West-Ward’s growth and continued commitment to the city of Memphis.”
Itasca, Ill.-based Premier Design + Build will serve as the general contractor for the building expansion. Ken Verne, vice president and asset manager at HSA Commercial, represented ownership in the transaction.
About Hikma
Hikma Pharmaceuticals PLC is a fast growing pharmaceutical group focused on developing, manufacturing and marketing a broad range of both branded and non-branded generic and in-licensed products. Hikma’s operations are conducted through three businesses: “Branded”, “Injectables” and “Generics” based primarily in the Middle East and North Africa (“MENA”) region, where it is a market leader, the United States and Europe. In 2014, Hikma achieved revenues of $1,489 million and profit attributable to shareholders of $278 million.
About HSA Commercial Real Estate
Founded in 1981, Chicago, Ill.-based HSA Commercial Real Estate is a diversified, full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. Along with developing and acquiring more than 50 million square feet of commercial real estate across the United States, with a total consideration in excess of $2.5 billion, HSA Commercial Real Estate has represented owners and tenants in more than 10,000 transactions in 43 states; manages a property portfolio in excess of 16 million square feet in locations across the nation; and, owns more than 16 million square feet of commercial property in 14 states.
HSA Commercial Real Estate and West-Ward Pharmaceuticals Corp. announced that West-Ward has executed a long-term lease for the entire 100,000-square-foot South Point industrial facility at 4750 Pleasant Hill Drive in Memphis, Tenn., as well as a 50,000-square-foot addition to be developed and managed by HSA Commercial.