LOS ANGELES – September 11, 2020 – Stockdale Capital Partners (“Stockdale”), a Los Angeles-based, vertically-integrated real estate investment firm, leased nearly 10,000 square feet of wet lab and research and development space at its Ilume Innovation Center in Scottsdale, Arizona to CommonSpirit Health, a national health system serving communities in 21 states.
CommonSpirit Health’s Reference Lab, which will analyze molecular (PCR) COVID-19 diagnostic tests, will more than triple the COVID-19 testing capacity for its 137 hospitals and more than 1000 care sites. The new Reference Lab will also increase the country’s COVID-19 test capacity by up to 70,000 tests per week.
“Everyone moved very quickly on this project to help CommonSpirit expedite testing across their entire system,” said Andrew Saba, Vice President with Stockdale Capital Partners. “We went from signed lease to occupancy in two months including planning, permitting and C of O. It was an all-hands effort from everyone involved and further highlights the benefit of having ready-to-lease life science space in an under-supplied market.”
Ilume Innovation Center is a 370,000 square-foot property located at 19001 N. Scottsdale Road, with 24/7 availability and Class A structural additions. The configuration of the lab-ready space at Ilume Innovation Center enabled CommonSpirit to move quickly to make their facilities available and increase COVID-19 testing capacity.
In addition to Ilume, Stockdale Capital Partners owns several other major commercial properties in the Scottsdale area, including Galleria Corporate Center, W Scottsdale and Aloft Scottsdale.
CommonSpirit Health is a non-profit, Catholic health system dedicated to advancing health for all people and was created in February 2019 through the alignment of Catholic Health Initiatives and Dignity Health.
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. For more information, please visit our website at www.stockdalecapital.com.
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