JDM Partners

What JDM Partners does

JDM Partners LLC is a privately held, Phoenix-based real estate investment and development firm founded in 1983 by Jerry Colangelo, David Eaton, and Mel Shultz, which owns and operates approximately $3 billion of real estate assets totaling 10.1 million square feet across investment funds in sixteen states. The firm executes a value-add acquisition strategy focused on premier Class A net-leased properties across multiple asset types — corporate office campuses, industrial/logistics facilities, data centers, sports and entertainment venues, and resort/golf properties — serving institutional enterprise tenants such as State Farm, USAA, Amazon, and Discount Tire. Its product surface also includes a 36,800-acre master-planned community joint venture (Douglas Ranch/Trillium with El Dorado Holdings) in Buckeye, Arizona, designed for 119,000 residential units and 59 million sq. ft. of commercial space on a 40-year buildout horizon, alongside owned sports venues (Talking Stick Arena, Chase Field, Arizona Federal Theatre) and hospitality assets (Wigwam Resort, Arizona Biltmore Golf Club).

JDM generates revenue through three principal streams: long-duration rental income and tenant leases on its net-leased real estate portfolio; venue and event operations income from owned sports and entertainment properties; and land development sales and joint venture participation in master-planned communities. The firm historically owned professional sports franchises (Phoenix Suns 1987-2004, Arizona Diamondbacks 1995-2005) but divested those holdings and now retains only the associated venue assets under its JDM Sports subsidiary. Its technology footprint is conventional real estate operations — there are no proprietary software products, APIs, or technology products disclosed, and the firm has no app or SDK distribution.

The company's go-to-market is relationship-driven and off-market: acquisitions are sourced and negotiated directly through the principals' networks, with no public pricing or marketing channels beyond the company website and press releases. Distribution is single-channel domestic direct enterprise transactions. In October 2025, JDM appointed Torry Berntsen (a banking industry veteran with 40+ years of financial experience) as Co-CEO alongside the three founding partners, explicitly to lead expansion and entry into new markets — signaling a potential acceleration of acquisition cadence beyond the post-2007 pace that has delivered the current $3 billion asset base.

Name

JDM Partners

Legal name

JDM Partners LLC

Website

https://jdmpartnersllc.com

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

1–10 employees

Short description

JDM Partners is a privately held Phoenix-based real estate investment and development firm owning approximately $3 billion of Class A net-leased office, industrial, sports, and hospitality properties across 16 states, serving enterprise tenants such as State Farm, USAA, Amazon, and Discount Tire.

Ownership category

akta.pro rank

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Others

Revenue model

1. Real Estate Investment Returns: Revenue generated through acquisition, development, and management of commercial real estate properties including office, industrial, corporate headquarters, and data centers. Properties are held for income generation through leasing and potential appreciation.
2. Sports & Entertainment Operations: Revenue from ownership and operation of sports and entertainment venues including Arizona Federal Theatre. Properties generate income through event bookings, naming rights, and venue operations.
3. Land Development: Development and sale of entitled land parcels through master planned communities such as Douglas Ranch, generating revenue from land sales for residential, commercial, and business use.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

JDM Partners is a real estate investment and development firm that acquires, develops, and manages premier Class A net-leased commercial properties across the United States, with a focus on the Phoenix metro area. Its portfolio includes corporate office campuses, industrial/logistics facilities, mixed-use business parks, sports and entertainment venues, and resort and golf properties, supplemented by long-horizon master planned community development through the Douglas Ranch/Trillium partnership. The firm owns approximately $3 billion of real estate assets totaling 10.1 million square feet across sixteen states and operates with a value-add strategy sourced primarily through off-market transactions.

Product overview

JDM Partners is a real estate investment and development firm offering a diversified portfolio of commercial properties across sixteen states. The company operates a multi-property portfolio including sports and entertainment venues (Talking Stick Arena, Chase Field, Arizona Federal Theatre), corporate office campuses (State Farm Marina Heights, USAA campuses), industrial/logistics facilities (Amazon distribution centers, 2600 Stanford Court), resort and golf properties (Wigwam Resort, Arizona Biltmore Golf Club), and large-scale master planned community developments (Douglas Ranch/Trillium Community). The company focuses on Class A, net leased properties and implements a value-add strategy in acquisitions and development, with approximately $3 billion in real estate assets totaling 10.1 million square feet across its investment funds.

Differentiator

Problem solved

Functional benefit

Brands

• JDM Sports: Professional sports and entertainment portfolio including arena operations and venue management

Products and services

• Talking Stick Arena A 19,000-seat basketball arena built by JDM Partners in 1992 in downtown Phoenix, Arizona, serving as home to the NBA Phoenix Suns and hosting over 20 million patrons since opening.
• Chase Field A Major League Baseball stadium in downtown Phoenix, home to the Arizona Diamondbacks, and the first MLB stadium with a fully retractable roof and a swimming pool.
• Arizona Federal Theatre A 5,000-seat multi-use theatre in downtown Phoenix that hosts musical artists and shows, managed by JDM Partners.
• Cotton Center A 286-acre mixed-use development near Sky Harbor Airport in Phoenix, featuring approximately 3 million square feet of office, industrial, retail, and hotel space.
• State Farm Marina Heights A 2 million square foot creative campus in Tempe, Arizona with five Class A office buildings and two stand-alone retail buildings, serving as State Farm's regional headquarters.
• Amazon Distribution Centers Two identical 856,605 square foot logistics centers in Jacksonville, FL and Kansas City, totaling 1.7 million square feet, leased exclusively to Amazon.
• 2600 Stanford Court A 1,020,000 square foot Class A distribution center in the Bay Area of Northern California on 55.7 acres (Ardagh Glass Distribution Center).
• Discount Tire Building Headquarters office building for Discount Tire at 20225 N. Scottsdale Road in Scottsdale, Arizona, purchased by JDM Partners in December 2002.
• Arizona Biltmore Golf Club A golf club featuring two 18-hole championship courses (Adobe Course and Links Course) on 223 acres in Phoenix, adjacent to the Arizona Biltmore Resort.
• Wigwam Resort A full-service resort on 440 acres in Litchfield Park, Arizona with 331 rooms, three 18-hole golf courses, a 26,000 square-foot spa, and over 43,000 square feet of meeting space.
• USAA Crosstown A corporate campus with two office buildings totaling 497,419 square feet on 24.81 acres in Tampa, Florida, exclusively leased to USAA.
• USAA Legacy A corporate campus with three office buildings totaling 384,071 square feet on 23.33 acres in Plano, Texas, exclusively leased to USAA.
• Douglas Ranch/Trillium Community A 36,800-acre master planned community in Buckeye, Arizona (Phoenix MSA) jointly owned by JDM and El Dorado Holdings, planned for 119,000 residential units and 59 million square feet of business/commercial space with a 40-year buildout commitment.

Named customers6 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered major and core.

• State FarmmajorStrategic or Co-development Partner · 1 December 2017Joint venture acquisition of State Farm Marina Heights in Tempe, Arizona. Property features 2 million square foot creative campus serving as State Farm's regional headquarters.
• El Dorado HoldingscoreStrategic or Co-development Partner · 1 January 2002Joint venture partner in Douglas Ranch master planned community development. JDM and El Dorado Holdings jointly own 33,800-acre Douglas Ranch and 3,000-acre Trillium property, master planned for 119,000 residential units and 59 million sq. ft. of business and commercial space with a forty-year buildout commitment.

Scale indicators6 records

Recent moves10 records

Expansion highlights4 records

Direct peers

• W. P. Carey: Public net-lease REIT that acquires and manages single-tenant commercial properties leased to corporate tenants — same business model as JDM's $3B Class A net leased portfolio serving State Farm, USAA, Amazon, Discount Tire. Closely comparable in tenant mix and asset selection criteria.
• Realty Income: Largest net-lease REIT, focused on single-tenant commercial real estate leased to credit-quality tenants. Operates the same core acquisition-and-hold thesis as JDM with off-market sourcing emphasis, though at much greater scale and public-market discipline.
• National Retail Properties: Public net-lease REIT specializing in single-tenant retail and commercial properties with long-term leases to investment-grade tenants — directly comparable buy-and-hold model to JDM's net leased portfolio.
• Spirit Realty Capital: Net-lease REIT (acquired by Realty Income in 2024) that acquired single-tenant commercial properties leased to corporate tenants under long-term leases — historically one of the closest comparables for JDM's acquisition-and-hold strategy on Class A net leased assets.
• STAG Industrial: Public net-lease REIT focused on single-tenant industrial properties — closely comparable to JDM's Amazon logistics centers (two 856,605 SF facilities totaling 1.7M SF) and 2600 Stanford Court (1,020,000 SF distribution center).

Broad incumbents

• BXP, Inc. (Boston Properties): Large public office REIT operating premier Class A office properties in major U.S. markets — comparable to JDM in asset class (Class A corporate office) and tenant profile (large corporate HQ users such as Amazon, State Farm, USAA) though operating at much greater scale and on a coastal portfolio.
• Vornado Realty Trust: Public REIT specializing in Class A office properties leased to corporate tenants — broad-line peer in the corporate-tenant office niche that JDM focuses on, though Vornado primarily operates in New York and Washington, D.C.
• Tishman Speyer: Large private global real estate owner/developer/operator of office, life-science, retail, and multifamily — broadly comparable to JDM as a multi-segment private principal that combines acquisition, development, and asset management, though at much larger scale and international reach.
• The Related Companies: Large private diversified real estate development firm operating across affordable housing, mixed-use, office, and life-science — comparable to JDM as a multi-asset private developer/investor combining acquisitions, ground-up development, and long-term ownership, though at national scale and with institutional capital partners.
• Howard Hughes Holdings: Public master planned community developer that owns and develops large-scale entitled land assets (e.g., The Woodlands, Summerlin, Bridgeland) — directly comparable to JDM's Douglas Ranch/Trillium (36,800 acres, 119,000 residential units, 59M SF commercial) master planned community model, though operating in different geographies at national scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about JDM Partners