Zoned Properties, Inc. (OTC:ZDPY) is a self-described "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."
As of the company's new announcement, Zoned Properties has finally begun proving its Medical Marijuna Business Park project.
New Commercial Lease Signed
The company just announced today that their tenant, Hana Meds, has just signed a new commercial lease to become the anchor tenant for the Medical Marijuana Business Park in Tempe, Arizona.
Hana Meds already has two medical marijuana dispensaries in Arizona, so the newly leased spaced is for the purpose of establishing a corporate headquarters. We expect this expansion to bring jobs and economic growth to Tempe, AZ among other benefits.
The commercial lease has a term of five years, and is for a 2,500 square foot office and conference space. The new five-year lease agreement commenced on July 1, 2017, and per the terms of the agreement, monthly rental payments of $1,800 per month will begin on October 1, 2017.
(Photo Credit - Nick Youngson)
Bryan McLaren, Chief Executive Officer of Zoned Properties, commented "We are pleased to further expand our relationship with Hana Meds by providing newly renovated corporate office space that is conveniently located next to their licensed medical marijuana facilities. We are inspired by our tenant's strategic goals to capture market share by controlling their own standards of product development and distribution within every aspect of the vertically-integrated business process."
McLaren continued to mention that, "the time and effort our team has invested in developing this property as a state-of-the-art, sustainable facility has helped to persuade our tenant to establish its corporate headquarters at the Business Park, validating proof of concept for the property. This agreement demonstrates our mutual commitment to the City of Tempe for economic development as the licensed medical marijuana industry continues its rapid expansion."
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