A public medical cannabis real estate company in Scottsdale, Arizona, is developing what it says is the state’s first MMJ business park.
Zoned Properties has signed a deal to lease 25,000 square feet in a Tempe warehouse to Catalina Partners LLC, which is behind the Catalina Hills Care dispensary in North Tucson, according to the Phoenix New Times. The deal includes an option to lease an additional 40,000 square feet.
Zoned agreed with the city of Tempe to invest $2.5 million to develop the site, and will make the money back through rent that will increase over time, New Times reported.
The business park deal emerged after city officials in Tempe agreed to change some zoning regulations, and the city now allows for 25,000-square-foot cultivation and food processing operations.
Zoned Properties has posted increasing revenues in the last couple of years, but has also faced lawsuits, and the departure of former COO Patricia Haugland, who is also threatening to sue.
The company also operates a 13-acre grow site in Arizona’s Chino Valley and owns a building for a dispensary in the town of Green Valley.