ORO VALLEY, AZ-The future of Innovation Park, a 565-acre master-planned development situated at the base of the Santa Catalina Mountains, is in the hands of Grubb & Ellis Co.’s Tucson, AZ office. The project’s owner, Venture West, has selected the firm to market sites for sale within the park.
The Grubb & Ellis team handling the project includes: Bob Davis and Bill DiVito, senior vice presidents; Howard Kong, vice president; and Hadley Kirkland, associate;
“Davis, DiVito and the remaining members of the team were the logical choice to market the site on our behalf,” says Neil Simon, principal of Venture West. “Their long standing track record in Tucson including the sale of the two-million square foot University of Arizona Technology Park, coupled with their experience with technology companies, was very much in line with our vision for Innovation Park.”
Located at the northwest corner of Oracle and Tangerine Roads, Innovation Park consists of 372 acres of land zoned for development and 193 acres of natural open space, linear parks and trails that provide scenic background views.
Innovation Park is adjacent to Oro Valley Hospital, a 144-bed medical facility, and across the street from the 5,500-acre Catalina State Park and the Oro Valley Marketplace, a 1-million-square-foot retail center. The property also is close to upscale housing communities and schools, as well as world class resorts and spas including the Ritz Carlton, Dove Mountain and Miraval Arizona Resort & Spa.
Currently, the project includes a 350,000-square foot R&D building in which Ventana Medical Systems Inc., a member of the Roche Group, houses 1,200 employees, along with a 110,000-square-foot R&D building, which Sanofi-Aventis U.S. owns and occupies.
The remaining developable acreage – about 200 acres – including office, light industrial, hotel and retail sites. However, the Grubb & Ellis team is focusing its efforts on the office and light industrial sites, according to Davis.
“Although the park has corporate and medical offices, as well as a retail component, there will be a major push to attract research and development and high tech manufacturing companies in biotech, photonics and other technology-based industries,” Davis says. “We already have a critical mass with Roche and Sanofi-Aventis.”
Davis tells GlobeSt. the office and light industrial sites in Innovation Park range in size, with the maximum size of 35 acres. The project is priced on a per square foot basis ranging from $6.50 to $15.
Davis estimates that Innovation Park will be built out within five years.
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