Chestnut Construction of Tucson (Michael Wattis) through an affiliate, IP Building LLC purchased 15 acres at Innovation Park to construct a build-to-suit for Securaplane Technologies for[mepr-show rules="58038"]$1.4 million. The seller was Venture West of Tucson (Neil Simon) affiliate, VWI/Vistoos Development, LLC.
Securaplane Technologies, a leading supplier of avionics products for business, commercial and military aircraft, broke ground Friday, March 29 at the site on the firm's new 55,000-square-foot physical plant in InnovationPark, at Tangerine Road at Innovation Park Drive. Securaplane’s continued strong market growth has made it necessary to increase the size of its operations to support production programs for business jet, air transport, rotorcraft and military customers.
"This is an exciting time for us," said Shubhayu Chakraborty, president of Securaplane Technologies. "The aviation industry is witnessing a period of prolonged, favorable growth, with Securaplane beating industry trends. We are delighted to be able to accommodate this expansion within OroValley's InnovationPark - a beautiful setting that will help us to continue to recruit and retain top talent. The Town of Oro Valley has fostered a spirit of partnership with Securaplane from day one, so I am confident that we will be able to execute this project flawlessly."
"Securaplane is a welcome addition to InnovationPark, which is fast-becoming a hub for bioscience and hi-tech industries," said Mayor Satish Hiremath. "We're also proud to announce that Securaplane will be the first business to benefit from the newly-established Economic Expansion Zone."
The Economic Expansion Zone, approved by the Oro Valley Town Council last October, is an overlay district intended to streamline the development review and permitting process, and reduce the time required to establish or expand a business in that area
"We're just as much on pins and needles as you guys are," Hiremath told Securaplane. "You're our first project. We are fully committed to making sure any hiccups are addressed, and this is as seamless as we possibly can make it."
Securaplane Technologies, which now employs 160 people at its Foothills Business Park location in OroValley, is a leading supplier of avionics products for business, commercial and military aircraft. It specializes in energy storage, power electronics, airborne cameras, cellular security and wireless control systems.
The building should be finished at the end of November, with the move from the Foothills Business Park taking place during December and January. "It will be in sections as we will have to continue supporting customer demand during that time," the company said.
Forty percent of the new building space will be dedicated to operations and production, with another 40 percent for engineering and laboratory uses, and 20 percent for sales, finance and administration. Securaplane expects to be near 215 employees over the next five years.
Securaplane is an operating subsidiary of Meggitt PLC. Headquartered in the United Kingdom, Meggitt PLC is an international group operating in North America, Europe, and Asia. Known for its specialized extreme environment engineering, Meggitt is a world leader in aerospace, defense and energy markets.
Bob Davis, Managing Director of Newmark Grubb Knight Frank in Tucson represented the seller. Tim Healy, Vice President and Bob Delaney Vice President of CBRE in Tucson represented the builder.
Simon is at (520) 722-9292. Wattis can be reached at (520) 886-8806. Davis should be contacted at (520) 321-3340. Healy is at (520) 323-5119 and Delaney at (520) 323-5171.[/mepr-show]