Zoned Properties, a medical-marijuana real-estate company, is developing what it bills as the state's first "medical-marijuana business park."

The Scottsdale-based company announced on March 17 that it had signed a deal to lease 25,000 square feet of space in a building near 52nd Street and University Drive in Tempe, with an option to lease 40,000 square feet.

As a press release notes, Zoned Properties lobbied Tempe successfully to change its zoning requirements a few months ago, allowing 25,000-square-foot medical-marijuana cultivation and food-processing facilities.

Zoned Properties, as documents from the U.S. Securities and Exchange Commission and City of Tempe show, agrees to put $2.5 million of development into the site at 410 Madison Drive, then collect a rent that increases over time.

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Ray Stern ~ Phoenix New Times ~