Banah International, a sugar producer that plans to hire nearly 300 employees during the next three years, has leased more than 300,000 s.f. of space in Hialeah, Fla., owned by Terreno Realty Corp., reports the South Florida Business Journal.
The 11-year deal, valued at between $15 and $20 million, for the facility at 3325 N.W. 70th Ave., is one of the top leases signed in 2011.
Banah, which began supplying Walmart Stores with sugar in November, was approved for incentives totaling $430,700 through the state’s Qualified Target Industry (QTI) program.
Its application said it would create 292 jobs with an average salary of $45,834 over three years and invest $7.7 million in a new international headquarters. That includes the leasing and renovation of about 124,000 s.f. of industrial and office space, according to the Journal.
Banah applied for $430,700 of QTI incentives that would be awarded if it creates those jobs. Of that, 80 percent would come from the state and the rest would be granted by Miami-Dade County. The money would be paid out over six years.
According to its application, Banah also was considering housing its headquarters expansion in Alabama, Texas or the Dominican Republic, the Journal reports.