Cotlow Company Completes Construction at Innovation Park, Oro Valley

Oro Valley, Arizona — Cotlow Company of Tucson (Dean Cotlow) has completed construction of a built-to-suit for TOI Real Estate, LLC.   The new facility is located at 12315 N Vistoso Park Road in Innovation Park, directly west of the Northwest Medical Center – Oro Valley Hospital in Oro Valley.

The facility contains 10,270-square-feet of Clinical Space, Physical Rehab, Medical Equipment & Braces, Procedure Room and Two X-ray Units.  It was a built-to-suit that has been leased to Tucson Orthopaedic Institute.  The facility is just one example of the quality of care provided by Tucson Orthopaedic Institute for their patients.

The practice includes five physicians of Tucson Orthopaedic that purchased the 57,498-square-foot lot in Innovation Corporate Center in Oro Valley for $689,976 ($12 PSF) in May 2016. Doctors Jeffrey Baron, Gerard Jeong, William Pickett, Eric Anctil and John Maltry are all physicians at Tucson Orthopaedic Institute who will be moving from other offices across the street at the Northwest Medical Center .

The facility was designed by Highton Company and constructed by Division II construction.

For additional information, Cotlow should be called at 520.881.8180.

 




Cotlow Breaking Ground of New Tucson Orthopaedic Institute Facility in Oro Valley

Rendering of Tucson Orthopaedic Institute Facility (courtesy Cotlow Company)

TUCSON, Arizona — Cotlow Company of Tucson (Dean Cotlow, president) will break ground for construction of the new Tucson Orthopaedic Institute facility in Oro Valley April 3rd.  Located at 12315 N Vistoso Park Road in Innovation Park, directly west of the Northwest Medical Center, Oro Valley Hospital. The build-to-suit facility will consist of 10,270-square-feet of clinical, physical rehabilitation and pain management space.

The practice will include five physicians of Tucson Orthopaedic that purchased a 57,498-square-foot lot in Innovation Corporate Center in Oro Valley for $689,976 ($12 PSF) in May 2016. Doctors Jeffrey Baron, Gerard Jeong, William Pickett, Eric Anctil and John Maltry are all physicians at Tucson Orthopedic Institute in other offices at the Northwest Medical Center across the street currently. See RED News May, 2016 story.

Innovation Corporate Center, is strategically located north of the Oro Valley Marketplace and Northwest Medical Center, in the heart of Oro Valley. A Venture West development, the Center offers 100,000-square-feet of professional medical office sites, in building sizes from 1,500-square-feet to 40,000-square-feet.

The building is designed by Highton Company and being constructed by Division II construction.

For additional information, Cotlow should be called at 520.881.8180.

To learn more, see RED Comp #3754.

 




Ventana Medical Records $18 Million Sale for Acreage at Innovation Park in Oro Valley

Innovation Park aerial view

TUCSON, Arizona — Ventana Medical Systems, Inc., a member of the Roche Group, closed on 53.6 acres at Innovation Park in Oro Valley for $18 million ($336,000 per acre) according to public records. The land is adjacent to the company’s current facility at 1910 E Innovation Park Drive and also in an Economic Expansion Zone (EEZ) in Oro Valley.

The purchase occurred within days of the Company’s announcement of laying off 84 employees, across multiple departments, at its Oro Valley facility, reportedly due to a “challenging business environment”. It does seem uncommon for a company to expand and retract at the same time, and we regret everyone involved in the transactions were unavailable for comment.

The Town of Oro Valley was able to confirm that Ventana had submitted plans for expansion to its existing 147,000-square-foot facility earlier this year, but later withdrew these expansion plans.

Ventana Medical Systems was launched in 1987 by University of Arizona professor and practicing pathologist, Dr. Thomas Grogan. It is one of the region’s largest employers, with 1,286 full-time employees reported at the start of 2016.

As the leading supplier of cancer diagnostic systems to the pathology market, Ventana manufactures over 220 cancer tests with related instruments right here in southern Arizona for 80 countries, and most importantly, for 4 million people afflicted with cancer yearly around the world. Ventana products provide healthcare professionals with a total solution for all critical steps involved in the analysis of tissue biopsies. This pioneering company also offers premier workflow solutions to improve laboratory efficiency and preserve patient safety.

Parent-company Roche, based in Basel, Switzerland, has expanded its facilities and workforce at Ventana since it acquired the University of Arizona technology spinoff for $3.4 billion in 2008 when it had about 800 workers. Roche reported strong sales growth for Q3, with sales from its diagnostics division rising 7 percent to $8.3 million.

In October, Ventana Medical took possession of a new 60,000-squre-foot distribution building in Marana see RED News article Oct. 2015 “Ventana Distribution at Tangerine Commerce Park Sells for $8.6 Million”.

The seller of the property was Venture West (Neil Simon, manager) the developer of Innovation Park. This master planned business park is situated on a 535-acre campus in the heart of the Tucson bioscience region, Innovation Park is genuinely unique. Located at the corner of Tangerine Road and Oracle Road, the park has easy access to Interstate 10 and to regions within Southern Arizona. 194 acres are available for development with land parcels up to 35 acres for sale. Total capacity will eventually accommodate 2.5 million square feet of commercial space.

Tim Healy and Bob Delaney with CBRE in Tucson represent Venture West at Innovation Park and were also unable to comment on the transaction, but it would appear to possibly be good news although a temporary setback for immediate growth for Ventana Medical.

To learn more, see RED Comp #4343.