Five Acre Multi-Tenant Complex Purchased For $4.6 Million
SCOTTSDALE, Arizona, March 18, 2014 /PRNewswire/ --
Zoned Properties, Inc. (OTC: ZDPY) https://www.zonedproperties.com, a lessor of land, facilities and equipment to the medical marijuana industry has announced that they have closed on a multi-tenant light industrial park in Tempe, Arizona. The $4.6 million dollar acquisition represents the sixth largest commercial transaction this year in the state of Arizona according to Loopnet.com.
V.P. of Operations and Chief Sustainability Officer Bryan McLaren stated, "We are proud to have closed this transaction in such an efficient manner and believe this acquisition will provide increased value for our shareholders. The previous owner managed this property for over 25 years, and we have every intention of continuing the sustainable development of the property moving forward. The facility will be managed with the utmost attention to detail and operational compliance increasing the overall prosperity for our neighbors and our community."
The senior leadership team at
Zoned Properties, Inc. stated, "We are very pleased to have added this asset to the portfolio and will continue to execute on expanding our operations. We are finalizing the search and interview process to secure experienced individuals for upper management positions and seats on our board. We have identified a highly-qualified group that we believe will help the organization implement our strategy for long-term growth and increased shareholder value."
This recently acquired property represents a high-quality warehouse space that
Zoned Properties, Inc. believes will only increase in value as proven by similar markets such as Denver, Colorado. Properties such as the facility in Tempe have the capacity to garner lease agreements for as much as four times typical market value as the medical marijuana industry expands.
About
Zoned Properties[SM], Inc.
Zoned Properties[SM], Inc. (OTCPink: ZDPY) 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 purposes.
For more information please visit https://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:
Investor Relations
Zoned Properties, Inc.
Phone: +1-877-360-8839
Email: investors@zonedproperties.com
SOURCE
Zoned Properties, Inc.
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