New Lease Agreement Adds Additional 2,500 square feet of Leased Space
SCOTTSDALE, Ariz., July 6, 2017 /PRNewswire/ -- Zoned Properties, Inc. (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 it has signed a five-year commercial lease agreement with its primary tenant in Arizona, Hana Meds, to establish their Corporate Headquarters at its Medical Marijuana Business Park in Tempe, Ariz.
The renovated corporate suite includes 2,500 square feet of office and conference space, which will provide a cornerstone to base their corporate operations. Hana Meds will become the premier, anchor tenant for the property. The licensed medical marijuana tenant plans to establish a comprehensive, vertically-integrated operation at the Medical Marijuana Business Park, including all stages of medical marijuana business activities.
"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," commented Bryan McLaren, Chief Executive Officer of Zoned Properties. "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."
Under the terms of the five-year lease agreement, which commences on July 1, 2017, monthly rental payments of $1,800 per month will begin on October 1, 2017. The tenant expects to generate a significant number of new jobs as their operations continue to grow.
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, including the licensed medical marijuana industry. 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 property value. Zoned Properties targets commercial properties that can be acquired and 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.
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