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.

TUCSON, Arizona – El Pollo Loco at 3781 W Ina Road sold for $2.56 million ($771 PSF) in an investment sale. The former Burger King restaurant site was sold and converted by WKS Restaurant Group (Roland Spongberg, CEO) in 2015 to El Pollo Loco.

Headquartered in Lakewood, California, WKS Restaurant Group is a licensed franchisee of four restaurant brands, El Pollo Loco, Denny’s, Krispy Kreme Doughnuts, and Corner Bakery Café.

The 3,320-square-foot building was built in 1986 on a 38,000-square-foot prime corner pad in the North Pima Center, west of Ina and Thornydale, in Marana, Arizona. El Polla Loco will continue to occupy the property as part of the sale leaseback agreement.

At El Pollo Loco, pronounced “L Po-yo Lo-co” and Spanish for “The Crazy Chicken,” they say they go to crazy lengths for the signature citrus-marinated, fire-grilled chicken. The whole chicken is fire-grilled, hand-cut, and served with our chicken meals, bowls, burritos, salads, soups, tacos and quesadillas. We apply the same passion to our handmade guacamole, salsas and dressings every day. To sum it up, They say “It’s Crazy You Can Taste”.

Vahn Saroians with Coldwell Banker in Los Angeles represented the buyer, a private investor from San Diego, California.

For more information, Spongberg can be reached at 562.425.1402 and Saroians is at 323.665.5841.

To learn more, see RED Comp #4360.

KB Homes has New Infill Subdivision in Northwest

TUCSON, Arizona — KB Home closed on a 17+ acres for a new infill project at the southwest corner of La Cholla and Corral Ridge Loop in Northwest Tucson near OMNI Tucson National Golf Resort. The property commanded a sale price of $5.4 million. KB Homes purchased the land from HSL Properties of Tucson.

The property sold as raw land with number of lots still undetermined by KB Homes. A portion of The Fairways at Tucson National II subdivision, the subdivision is being rebranded Montaretto Estates according to the billboard.

Will White and John Carrol of the Land Advisors Organization in Tucson facilitated the transaction for buyer and seller.

“We are continuing to see high demand for better infill sites. These opportunities are becoming fewer and farther between and this is another great example of identifying a great location and being proactive when the right opportunity presents itself,” White said.

“This is one of Tucson’s better infill locations and sites. Close to so many amenities and a property with great access and views. It’s very rare to find all these attributes come together these days. It is a great site,” continued White.

White and Carrol should be reached at 520.514.7454 for more information.

To learn more, see RED Comp #4356.

Pepper Viner Homes adds Elementary School Site in Northeast

Pepper Viner Homes purchased the Eastside Van Horne Elementary School from Tucson Unified School District for $1.4 million. The buyer paid for rezoning to R-1, platting and engineering costs of the 9 acres.

Pepper Viner is expected to pay $32,500 per lot for infrastructure improvements, which makes the cost to buyer approximately $3.16 million, with an average lot size of 40’ x 100’.

Van Horne Elementary School opened in 1975. It is named after James “Doc” Van Horne, an administrator, teacher and coach who served at Tucson and Pueblo high schools before retiring in 1959. The school that has been boarded-up school since 2010 and was torn down for the 54-SFR lot infill project this month.

Van Horne Elementary School was one of several schools that TUSD closed because of declining enrollment and state budget cuts several years ago.

The district says it has lost more than $20 million in capital funding since 2008.

Proceeds from public school sales, by law, must go to capital projects such as maintenance of existing schools. The money cannot go toward salaries or raises.

James Marian, CCIM, with Chapman Lindsey Commercial Real Estate Services in Tucson handled the transaction for the buyer.

For more information, Marian can be reached at 520.747.4000.

To learn more, see RED Comp #4357.