MARANA, ARIZONA, November 1, 2022 -- VM Building Two Corporation, an affiliate of Cottonwood Properties, has sold the high-tech life science manufacturing facility it recently developed for its tenant Roche Molecular Systems, Inc. This 60,437-square-foot facility was developed as a build-to-suit project on 4.6 acres within Tangerine Commerce Park at Tangerine Road and I-10. The new building is directly adjacent to Roche’s existing logistics and distribution facility of similar size (existing building on the right in the photo rendering) and the new building will house instrument and service production for the company. Approximately 150 employees will staff this new facility.
The building was sold in shell condition for $19,000,000 ($314/sf) with a 10-year lease to Roche in place. Seller was represented by Mark Ruble of Marcus & Millichap. Buyer, an affiliate of Norman Properties of Poway, CA, was represented by Mike Garrido of Trident Ventures.
Tangerine Commerce Park is positioned within the core of the rapidly developing Tangerine commercial corridor, a major growth area of Marana with quick access to I-10, Tucson, and Phoenix. In addition to the second building for Roche Molecular Systems, additional facilities for CTI Trucking, Southwest Gas, U-Haul and others are in the planning or development stages. Tangerine Commerce Park is owned and developed by an affiliate of Cottonwood Properties.
The Roche Group is a Swiss multinational healthcare company that operates worldwide under two divisions: Pharmaceuticals and Diagnostics. Roche is the largest pharmaceutical company in the world, and the leading provider of cancer treatments globally. Roche impacts more than 27 million patients around the world annually. Roche Molecular Systems is a subsidiary of the Roche Group. It is a Pleasanton, CA based molecular diagnostics company that develops and commercializes diagnostic and blood screening tests based on polymerase chain reaction technologies. The Roche Group reported 2020 annual revenues of $58.3 billion, and $13.8 billion of this is reported to be from the Diagnostics division. Within the Diagnostics division, molecular diagnostics reported annual revenues of $3.8 billion with Roche Molecular Systems reporting annual revenues in excess of $400 million.
Cottonwood Properties is a Tucson company with all of its interests exclusively in Tucson and surrounding areas. Cottonwood has developed residential communities, resorts, retail centers, office complexes and apartment communities in excess of $1 Billion. Primary among them is the La Paloma resort community in the central foothills of Tucson and the Dove Mountain resort community in the foothills of the Tortolita Mountains in Marana, AZ.