To expand its business, Badia Spices has bought a Doral warehouse for $10m with the assistance of a county-approved bond.
Badia Spices told the Miami-Dade County Commission that a new facility was needed to support the company’s sales growth. The company supported its request for assistance for the purchase by telling the county that its revenue went up from $89.4m in 2012 to $102m in 2013. Badia Spices also told the commission that it would spend $1m of its own money.
Earlier this month, the commission approved an industrial development revenue bond (taxable) in the amount of $10.5m. Financing for the deal is being handled by Northern Trust Company. The warehouse’s former owner, 9880 NW 25th St. Holdings LLC, bought the building, which sits on 5.6 acres in 2012 for $8.5m, thus making a $2m profit on the sale.
With the purchase of the 101,000-square-foot building, Badia Spices expects to increase its workforce by 10%, which means adding another 20 workers.
With new employees comes the need for additional new employee handbooks, and a new location means Stationery printers will be needed in other areas as well.
The spice manufacturing and distribution company is based in Doral and has its headquarters in a building separate from the one it has purchased. Get a Free Quote for Stationery
