Exela purchases land on Morganton Boulevard

Jun. 30, 2014 @ 05:20 PM

Lenoir-based pharmaceutical company Exela Pharma Sciences recently bought two adjoining properties on Morganton Boulevard, a total of 9.48 acres, for just over $1 million.

Jonathan Sterling, director of quality and regulatory affairs for Exela, declined to comment on the purchase or the intended use of the land, at 2075 Morganton Blvd. near the Fair Value grocery store, which includes two large buildings. One of the buildings formerly housed Crossroads Community Church and the Storehouse Daily Bread Ministry. Both are currently unused.

Exela bought the former Broyhill Furniture Industries headquarters building in April 2013 and has been rapidly growing. Last summer the company had fewer than 50 employees but now has about 100, and last month the company announced a $6 million expansion and plans to add 40 more jobs.

The Caldwell County Board of Commissioners approved a new incentives package June 2 of up to $80,000, or $2,000 per new job created, and a five-year county tax grant that would pay back the company a portion of the property taxes on its expansion.