Benzinga | Aug 30, 2021 11:16AM EDT

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

* Virtra Inc (NASDAQ: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.