UA buying lab in OV, and has a tenant

June 16, 2010

By hammersmith

[Source: Explorer News] – A 27,464-square-foot laboratory just off Oracle Road in Oro Valley has been purchased by the University of Arizona, which expects it to house biotechnology research and incubator space.

Sanofi-aventis, the pharmaceutical company that opened a new, $60 million research center on Oro Valley’s Innovation Drive last year, is selling the 1580 Hanley Boulevard building for $3.05 million. The Arizona Board of Regents approved the purchase at its Thursday meeting in Flagstaff.

Bob Davis, an industrial real estate specialist at Grubb & Ellis who helped to broker the deal, said the UA plans to use the space to expand its research opportunities, as well as provide incubator/accelerator opportunities for new start-up ventures.

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