Zoned Properties Announces Completion of $8 Million Expansion at Its Chino Valley Cultivation Facility


Subsequent Lease Amendments to Significantly Increase Portfolio Rental Revenue & Cash Flow 68% Increase to Chino Valley Rental Revenue Effective September 1, 2021 SCOTTSDALE, Ariz.–(BUSINESS WIRE)–$ZDPY #Brokerage–Zoned Properties®, Inc. (the “Company”) (OTCQB: ZDPY), a leading real estate development firm for emerging and highly regulated industries including legalized cannabis, today announced an amendment to the lease agreement with its significant tenant related to its cultivation facility located in Chino Valley, Arizona. “After years of project positioning, local collaboration, and real estate entitlement efforts to make the Chino Valley project possible, we are extremely grateful to have a deal structure that benefits both our operating tenant and Zoned Properties as the owner and landlord, for long term expansion and increasing value for our shareholders,” commented Bryan McLaren, Chief Executive Officer of Zoned Properties. “The increasing demand for regulated marijuana cultivation space and consumer products in Arizona has gone far beyond initial projections as the result of the recently approved and implemented adult-use marijuana program. Industry experts are estimating consumer demand in Arizona could increase above $1 Billion in the next few years, which will require increased cultivation capacity and square footage of entitlement and properly zoned properties such as Chino Valley.” Transaction Highlights Over $8 Million of capital has been invested to-date by the Company’s Significant Tenants at the Chino Valley Cultivation Facility. The Company’s Significant Tenant will maintain the master rights to the property and facilities through the remainder of the Lease Agreement. Effective September 1st, 2021, operational square footage will increase from 40,000 square feet to 67,512 square feet, and the new base rental payments at the facility will increase 68% from $32,800 per month to $55,195 per month including three out of four new building structures in the phase one expansion that are now fully completed and operational. The…

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Source : Zoned Properties Announces Completion of Million Expansion at Its Chino Valley Cultivation Facility

reposted by Cannabis News World

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