Arizona real estate firm plans third medical marijuana business park

An Arizona real estate company that already operates a pair of medical cannabis business parks says a third is in the works.

Scottsdale-based Zoned Properties has announced plans to build a 47.6-acre business park in Chino Valley, roughly 100 miles north of Phoenix.

So far, 35,000 square feet are already operational and have been leased to a licensed Arizona MMJ business, the spokesman said.

The park will increase to 250,000 square feet of cultivation and processing space over the coming months as the project build-out continues, and Zoned Properties is planning to lease space to three licensed MMJ growers.

The Chino Valley operation is in addition to a separate 60,000-square-foot MMJ business park in Tempe – which Zoned Properties said in another news release is “more than 50% leased” – and a 35-acre MMJ business park in Parachute, Colorado.