Virtra Buys Industrial Building In Chandler, Arizona For $10.8M

Virtra Inc VTSI has acquired a property in Chandler, Arizona that consists of ~4.3 acres and an industrial building with ~76,650 square feet, for $10.8 million.
It financed the purchase price with $8.6 million through a mortgage loan and the remainder in cash.
The property gives Virtra a centralized facility to meet the anticipated growth in training simulator development and production, recoil kit development and production, training content creation, and administrative functions.
The company also expects the new building to provide operational efficiencies. It 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.
Virtra held cash and cash equivalents totaled $23.8 million as of June 30, 2021.
Price Action: VTSI shares are trading higher by 5.00% at $7.77 on the last check Monday.