Transwestern Secures Lease in Record Time to Perform SARS-COV-2 Testing
September 10, 2020
PHOENIX – Transwestern Real Estate Services (TRS) announces CommonSpirit Health has signed a lease for 9,727 square feet on the ground floor of Ilume Innovation Center at 19001 N. Scottsdale Road in Scottsdale, Arizona. Ilume Innovation Center is a 371,937-square-foot property providing a mix of office, wet lab, and research and development space.
Transwestern Senior Vice President Vince Femiano provides healthcare leasing services on behalf of the building owner, Stockdale Capital Partners. The lease was executed within 60 days. Katie McIntyre with JLL provided tenant advisory services for CommonSpirit Health, which operates 137 hospitals across the U.S., including Dignity Health clinics and hospitals in Arizona.
“The state-of-the-art wet lab space at Ilume allowed CommonSpirit Health to quickly and easily occupy the building to rapidly ramp up testing capabilities, as the country grapples with the COVID-19 pandemic,” said Femiano. “Ilume’s lab-ready space and prime location that is close to transportation infrastructure was a key factor in the decision, allowing for easy access from CommonSpirit’s facilities in 21 states.”
Stockdale’s Andrew Saba added, “We moved quickly on this project to help CommonSpirit expedite testing across its entire system. Everyone is watching and waiting with uncertainty as we contend with the pandemic, and we are honored to help how we can.”
Demand for medical office buildings and lab services continues to increase statewide. Large hospitals in the Valley are recognizing the need to make lab services more local and nimbler to deliver services and products more efficiently. Ilume Innovation Center’s distinctive 24/7 capability and Class A structural additions are standout features provided by few lab and R&D buildings in Arizona.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
About Stockdale Capital Partners
Stockdale Capital Partners is a vertically-integrated real estate investment firm with a 30-year history of investing in commercial real estate across multiple asset classes throughout the Southwest. The company is an owner-operator specializing in the redevelopment and repositioning of real estate assets with expertise in revitalizing urban properties of all types. The firm currently manages approximately $1 billion in AUM on behalf of several joint ventures, as well as a discretionary closed-end fund.