March 18, 2016
Catalina Partners III LLC and Catalina Hills Botanical Care Inc. have entered into an agreement with Zoned Properties of Scottsdale, AZ to lease space at the 80,000-square-foot Medical Marijuana Business Park in Tempe, AZ. Once the lease agreement is signed, Catalina will start its move into 25,000 square feet at 410 S. Madison.
The soon-to-be tenant will also have an option to lease an additional 15,000 square feet of adjacent space. “We decided to give an option to lease up to 40,000 square feet because of Catalina’s high business acumen and sophistication,” said Bryan McLaren, Zoned Properties’ CEO.
According an SEC filing, tenant improvements will be approximately $2.5 million; rent, to start with, will be approximately $50,000 per month, with increases on a graduating scale.