Colangelo-led JDM Partners hires co-CEO, eyes Sun Belt expansion

Article originally posted on AZ Central on October 21, 2025

JDM Partners, the real estate acquisition and development firm led by Jerry Colangelo, appointed Torry Berntsen as co-CEO, who will serve alongside co-CEO and founding partner Mel Shultz, the company announced Monday.

The company owns high-profile properties around the state and country, including the Wigwam Resort, Arizona Biltmore Golf Club and Marina Heights in Tempe. It is also the asset manager for the long vacant former Chase Tower in downtown Phoenix, and led the development of both Chase Field and the Mortgage Matchup Center.

The group is underway with development on Teravalis in Buckeye and eyeing options for the future of Chase Tower, and adding Berntsen will help broaden the scope and further its ability to identify, finance, and execute large-scale real estate deals, company leaders said.

Shultz and Colangelo, chairman and founding partner of the company, said they have known Berntsen a long time and said he adds a financial services and banking background to the organization that will help broaden the organization’s scope and build professional contacts.

Berntsen said Shultz had often asked him when he would join them, and after more than 40 years in banking, he said he wanted to work more on the private equity side.

Chase Tower could see action

Berntsen is also close with the Viola family, the owners of the former Chase Tower, so he is motivated to help usher the site into its next life, Colangelo said.

“We can really put the building in place for its next iteration,” Colangelo said. “It’s the best two city blocks in downtown Phoenix.”

JDM has considered new uses for the tower, Arizona’s tallest building, including residential or hotel, Colangelo said. They have recently heard from groups interested in using the tower for office space.

The tower will likely eventually become a mix of uses, he said, but expects office use to rebound in downtown Phoenix.

“We have a real interest in it being the best redevelopment it can be in downtown Phoenix,” Shultz said.

The tower has been vacant since Chase moved out in 2021 to its campus in Tempe.

Arizona, Texas, Florida in focus

The group will continue to focus on projects in Arizona and other Sun Belt states, especially Texas and Florida, Berntsen said.

Those projects include Teravalis, formerly Douglas Ranch, in Buckeye, a 37,000-acre master-planned community. JDM and El Dorado Holdings sold the site to the Howard Hughes Corporation, but remain joint venture partners on the project.

The project is nearly equal to the town of Gilbert in terms of land size, Shultz said.

The group also wants to grow its connections with other strong companies. It already owns two Amazon distribution centers and would like to expand those holdings, Shultz said. They are also interested in technology that will become essential in the near future, like data centers to support artificial intelligence, he said.

Colangelo said the company is continually looking at opportunities in Phoenix and other markets.

“We are very active, I feel like we have a pretty good pulse on the market,” he said.