Former Medical Mfg. Facility Hits The Market For $23 Million

ERBA Diagnostics, Inc. (NYSE:ERB) announced that its wholly-owned subsidiary, Diamedix Corporation, has entered into a purchase and sale agreement to sell its former facilities located located at 14100 NW 57th Court in Miami Lakes for $23 million.
The 1969-built building totals 125,531 square feet, according to Miami-Dade County records.
Diamedix makes instruments and reagents to detect autoimmune and infectious diseases. Mumbai, India-based Suresh Vazirani bought control of IVAX Diagnostics in Miami in 2010 for about $15 million, changed the name to ERBA Diagnostics and expanded ERBA’s operations at its headquarters in Miami Lakes.
ERBA Diagnostics intends to use the net proceeds from the sale of the property for potential facilities purchases, potential strategic acquisitions and for general working capital.
 

“Due to our consolidation of operations and manufacturing to our leased facilities in Miami Lakes, Florida, we executed this purchase and sale agreement in an effort to redeploy the value of this vacant asset,” said Mohan Gopalkrishnan, chief executive officer of ERBA Diagnostics. “We believe the most effective, and tax-efficient, use of the net proceeds from the sale of the property will be a combination of reinvesting in facilities to accommodate our anticipated growth as well as applying a portion of it toward potential strategic acquisitions and the balance toward working capital.”