SCOTTSDALE, Ariz., March 16, 2017 /PRNewswire/ -- Zoned Properties, Inc. (OTCQX: ZDPY), a strategic real estate development firm whose primary mission is to identify, develop, and lease sophisticated, safe, and sustainable properties in emerging industries, including the licensed medical marijuana industry, today announced the Company has completed the sale of one of its properties located in Tempe, Ariz.
The Company sold its property located at 422 S. Madison Dr. in Tempe, Ariz. for a total cash purchase price of $2.125 million. This property was leased to a non-marijuana business, and management viewed it as non-core to the Company's strategy. The Company expects to utilize the proceeds to retire existing debt, which will free up cash flow to invest in planned leasehold improvements and expansions at its Medical Marijuana Business Park in Tempe, Arizona.
"We remain committed to building and nurturing a portfolio of properties that are strategically aligned with our focus on emerging industries and that optimize the use of our balance sheet," commented Bryan McLaren, Chief Executive Officer of Zoned Properties. "The disposition of the Tempe property, which was not central to our vision, will enable us to redeploy capital in a manner that increases our financial flexibility, and that we believe, over time, will generate higher rental revenue and increases in property valuations for the Company's portfolio."
About Zoned Properties, Inc. (ZDPY):
Zoned Properties is a strategic real estate development firm whose primary mission is to identify, develop, and lease sophisticated, safe, and sustainable properties in emerging industries. The Company acquires commercial properties that face unique zoning challenges and identifies solutions that can potentially have a major impact on the cash flow and value generated. Zoned Properties targets commercial properties that can be acquired and potentially re-zoned for specific purposes. Zoned Properties does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substances Act.
Safe Harbor Statement
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