The commercial real estate industry is benefiting from Arizona medical marijuana. A third industrial like park is being built, to be the home of medical marijuana grow facilities. It will have 25 acres to grow Arizona medical marijuana and the same real estate company, Zoned Properties, that helped build the first two medical cannabis parks is also building this one. Do you think that recreational marijuana is coming to Arizona?
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.
The operation will include at least 25 acres dedicated to cultivation and processing, according to a Zoned Properties news release. The other 22.6 acres will be taken up by solar panels and a vineyard, a spokesman wrote in an email to Marijuana Business Daily.
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.