VirTra Scales Manufacturing Capabilities
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VirTra has acquired a property in Chandler, Arizona, that consists of approximately 4.3 acres and an industrial building with approximately 76,650 square feet. The property gives VirTra a larger and more centralized facility to meet the anticipated growth in training simulator development and production, recoil kit development and production, training content creation and administrative functions.
VirTra also expects the new building will provide greater operational efficiencies than its existing two leased locations in Tempe, Arizona, with approximately 42,860 square feet in aggregate. VirTra plans to fully move into the new space within nine months or less and plans to sub-lease its current leased spaces once it has moved out.
“As demand for VirTra’s world-class training simulators in the law enforcement and military markets grows, it is critical that we scale our manufacturing and production capacity to meet not only the burgeoning demand today but the potential growth in the future as well,” said Chairman and Chief Executive Officer Bob Ferris. “This will be a state-of-the-art headquarters where we push the envelope of effective simulation training products for the benefit of our customers and stakeholders. The property will also allow us to centralize our operations and ultimately provide greater efficiencies across our entire organization.”
VirTra acquired the property for $10.8 million, with $8.6 million being financed through a mortgage loan and the remainder being paid in cash.
