The 36-year-old direct mail coupon provider expects to break ground on the estimated $50-million venture in first quarter 2005 and have the facility fully operational in early 2007. The complex will be about 10 football fields in size. Valpak scoured the country for the best development site. The developer is Grady Pridgen Inc. of St. Petersburg.
"We looked at the other states very closely, in terms of available economic incentives, project future growth, quality of life, labor and much more," says Brent Woodruff, first vice president of CB Richard Ellis Inc.'s Global Corporate Services Group in Atlanta. "When done, St. Petersburg was the clear choice for Valpak, particularly with the continuity of their business already in place in Largo, FL, the existing labor force in the market, and support offered by the Sate of Florida."
Besides Woodruff, helping Valpak select a site were CBRE brokers John Jenkins and Kyle Bird, both first vice presidents in CBRE's Tampa office. The CBRE team looked at sites in eight other Southeastern states, Ohio and Indiana.
Cox Target Media may also be constructing an administration office building adjacent to the art production plant in the near future, Woodruff says. Valpak has plants in Largo and Elm City, NC. The new facility will combine the operations of both plants.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
