Zoned Properties (OTCQB: ZDPY), a technology-driven property investment company for emerging and highly regulated industries, including legalized cannabis, is acquiring a property in Surprise, Arizona; the property also has a tenant — Sunday Goods — in place. According to the announcement, the acquisition and subsequent development of the property have been funded through cash on hand and a $1.62 million construction loan from a private family office lender. In addition, Zoned Properties will provide Sunday Goods with a $1 million tenant improvement allowance for the construction and development of its retail dispensary on the property. Zoned Properties and Sunday Goods entered a long-term, absolute-net lease agreement, which will produce an approximate 13.4% effective cap rate when straight-lined over the term of the lease agreement. In addition, the lease includes 3% annual increases in base rent, which is projected to produce an estimated $350,000 in annual base rental revenue when straight-lined over the life of the lease term. “We are thrilled to announce the acquisition of our property in Surprise, Arizona, and to welcome Sunday Goods, yet another top-tier cannabis operator, to our growing tenant roster,” said Zoned Properties CEO Bryan McLaren in the press release. “This acquisition is a significant step in our expansion strategy and underscores our commitment to developing high-quality real estate assets in key markets focused on direct-to-consumer cannabis applications. The favorable terms of this construction loan, including its nonrecourse nature, allow us to manage our financial strategy effectively while driving growth and value creation. This new property in Surprise, Arizona, represents our ongoing efforts to strategically expand our portfolio and support the growth of the legalized cannabis industry. The partnership with Sunday Goods highlights our ability to attract best-in-class tenants and execute on our mission of seizing above market average cap rates.”
To view the full press release, visit https://ibn.fm/lkVBi
About Zoned Properties Inc.
Zoned Properties is a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States. The company aspires to innovate within the real-estate development sector, focusing on direct-to-consumer real estate that is leased to best-in-class cannabis retailers. Headquartered in Scottsdale, Arizona, Zoned Properties is redefining the approach to commercial real estate investment through its standardized investment process backed by its proprietary property technology. Zoned Properties has developed a national ecosystem of real estate services to support its real estate development model, including a commercial real estate brokerage and a real estate advisory practice. With a decade of national experience and a team of experts devoted to the emerging cannabis industry, Zoned Properties is addressing the specific needs of a modern market in highly regulated industries. The company targets commercial properties that face unique zoning or development challenges, identifies solutions that can potentially have a major impact on their commercial value, and then works to acquire the properties while securing long-term, absolute-net leases. Zoned Properties targets commercial properties that can be acquired and rezoned for specific purposes, including the regulated and legalized cannabis industry. It does not grow, harvest, sell or distribute cannabis or any substances regulated under United States law such as the Controlled Substance Act of 1970. For more information, visit the company’s website at www.ZonedProperties.com
NOTE TO INVESTORS: The latest news and updates relating to ZDPY are available in the company’s newsroom at https://ibn.fm/ZDPY
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