Zoned Properties, Inc. Agrees to Purchase Multi-tenant Light Industrial Park
With Licensed Arizona Medical Marijuana Cultivator Tenant
83,000 Square Foot Industrial Complex Sits on 5 Acre Parcel in Downtown Tempe,
SCOTTSDALE, Arizona, February 19, 2014
SCOTTSDALE, Arizona, February 19, 2014 /PRNewswire/ --
Zoned Properties, Inc. (OTC: ZDPY) http://www.zonedproperties.com, a lessor of
land, facilities and equipment to the medical marijuana market has entered
into a definitive agreement and opened escrow on a multi-tenant industrial
complex in Tempe, Arizona. The company is currently in the due diligence
period and expects to close on the property within sixty (60) days.
The facility has several tenants including a state licensed Arizona medical
marijuana cultivator. The 83,000 square foot facility sits on 5.3 acres and is
being purchased for $4.6 million.
Newly appointed V.P. of Operations and Chief Sustainability Officer Bryan
McLaren stated, "This purchase represents the type of commercial transaction
that Zoned Properties, Inc. aspires to accomplish. This property is in the
heart of downtown Tempe, Arizona located in very close proximity to Phoenix
Sky Harbor Airport as well as many major highways. We believe a purchase like
this gives us a great asset base to build off as we continue to execute our
strategy of acquiring uniquely zoned properties."
Zoned Properties, Inc. CEO Marc Brannigan commented, "We are excited about
this transaction. It meets our financial criteria and projections for
identifying uniquely zoned propeties. We are currently going through the
customary inspections of the physical facilities as well as normal
environmental due dilligence."
About Zoned Properties[SM], Inc.:
Zoned Properties[SM], Inc. is a strategic real estate investment firm whose
primary focus is acquiring commercial properties that face unique zoning
challenges. Zoned Properties[SM], Inc. will acquire commercial properties
zoned within a variety of usage types such as industrial, agricultural, as
well as mixed use. Zoned Properties[SM], Inc. also targets commercial
properties that can be acquired and potentially re-zoned for specific
For more information please visit http://www.zonedproperties.com
FORWARD-LOOKING STATEMENT AND DISCLOSURE: This press release contains
forward-looking statements, including expected industry patterns and other
financial and business results that involve known and unknown risks,
uncertainties and other factors that may cause our actual results, levels of
activity, performance or achievements to differ materially from results
expressed or implied by this press release. Such risk factors include, among
others: the continuation of recent growth rates in the industry; the
positioning of Zoned Properties[SM], Inc. in the market; ability to integrate
acquired properties and technology; ability to retain key employees; ability
to successfully combine product offerings and customer acceptance of combined
products; general market conditions, fluctuations in currency exchange rates,
changes to operating systems and product strategy by vendors of operating
systems; and whether Zoned Properties[SM], Inc. can successfully execute their
business plan. Actual results may differ materially from those contained in
the forward-looking statements in this press release.
Investor Contact Information:
Zoned Properties, Inc.
SOURCE Zoned Properties, Inc.
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