News Summary
LifeScience Logistics is expanding its operations in Memphis with a $23.2 million investment to build a new facility. This project will create 101 jobs with an average salary of $61,000, enhancing the local economy. The 625,000 square foot facility at Tradeport Drive will focus on the storage and distribution of pharmaceuticals, and will meet FDA regulations. The expansion is expected to establish Memphis as a key hub for healthcare logistics.
Memphis is set to welcome a significant boost to its local economy as LifeScience Logistics, a healthcare logistics firm, announces its expansion into the area with an investment of $23.2 million. The project aims to establish a new facility that will create 101 jobs over the next two years, with an average salary of approximately $61,000, and several positions offering six-figure incomes.
The upcoming facility will cover 625,000 square feet at 5200 Tradeport Drive in southeast Memphis. It will feature 605,510 square feet of temperature-controlled warehouse space, alongside specialized areas including 2-8C cooler and -25C freezer spaces. LifeScience Logistics plans for this site to serve as a vital hub for the safe storage and distribution of pharmaceuticals and medical devices.
As part of the expansion, LifeScience Logistics will benefit from a 10-year Payment-in-Lieu-of-Taxes (PILOT) deal valued at $6.2 million from local authorities, incentivizing the company’s investment in the region.
David Cheetham, CEO of LifeScience Logistics, pointed out that Memphis is strategically located with a robust transportation infrastructure, making it an ideal choice for this expansion. The new warehouse will also be registered as a Food and Drug Administration (FDA) facility, ensuring compliance with industry regulations.
The addition of this facility aligns with LifeScience Logistics’ ongoing growth strategy across the nation, which is designed to bolster services for healthcare manufacturers and providers. Currently, the company operates 17 locations in 11 states and employs around 600 individuals. The Memphis expansion represents a significant commitment to enhancing its logistics capabilities, particularly for the pharmaceutical sector.
According to Michael Nicholson, Senior Manager of Asset Management for Mapletree Investments, this warehouse project marks the largest lease of the year for a second-generation distribution facility in the Memphis market. This underscores the importance of the region as a competitive hub for logistics within the healthcare industry.
The new facility, once operational, will not only contribute to local job creation but is also expected to facilitate the rapid and compliant logistics solutions that are essential in the healthcare sector. Ryan Oppel, Chief Commercial Officer of LifeScience Logistics, emphasized the significance of Memphis in meeting the growing logistics needs of the pharmaceutical industry.
This investment demonstrates LifeScience Logistics’ commitment to supporting the healthcare sector while harnessing the advantages of Memphis’ centrality and logistical efficiency. As the company continues to grow, the expansion into Memphis is poised to play a crucial role in its mission to ensure timely and secure delivery of healthcare products.
The addition of 101 new local jobs will undoubtedly have a positive impact on the Memphis community, providing new employment opportunities and fostering growth in a key industry. The completion of the facility is anticipated to further solidify Memphis’ reputation as a critical logistical node in the healthcare supply chain.
In summary, as LifeScience Logistics breaks ground on its new Memphis facility, the community and the healthcare logistics sector will benefit from increased employment and a strengthened infrastructure that will help the company meet the demands of a dynamic market.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- PR Newswire
- Wikipedia: Healthcare Logistics
- WREG
- Google Search: Memphis healthcare logistics
- Daily Memphian
- Google Scholar: Pharmaceutical Logistics
- Local Memphis
- Encyclopedia Britannica: Memphis
- Commercial Appeal
- Google News: LifeScience Logistics
