Zoned Properties Completes Sale of Tempe Property for $2.125 Million
Company Sells Non-Core, Non-Marijuana Property in Tempe, Ariz.; Proceeds to be Used to Strategically Expand Medical Marijuana Portfolio
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
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/zoned-properties-completes-sale-of-tempe-property-for-2125-million-300424380.html
SOURCE Zoned Properties, Inc.Back to top