NEWS RELEASE
SCOTTSDALE, Arizona, February 5, 2014 /PRNewswire/ —
Zoned Properties([) (SM) (]) , Inc. closes on site for 8(th) largest medical marijuana dispensary in the state of Arizona
Zoned Properties([) (SM) (]) , Inc. (OTC: ZDPY) c a lessor of land, facilities, and equipment to the medical marijuana market in Arizona announces that it has closed on all of the real estate associated with the approved site for a medical marijuana dispensary located in Gilbert, Arizona for $1.115 million. The Town of Gilbert has already granted a conditional use permit and approved the design of the property, which is properly zoned for a medical marijuana dispensary.
In the state of Arizona, only one dispensary is permitted in each community health analysis area (CHAA) and a total of 99 licenses were awarded in a lottery held in August of 2012. Only one other location for a dispensary exists in the Town of Gilbert, the 7(th) largest municipality in a state with a population over 6.6 million.
Zoned Properties([) (SM) (]) , Inc. CEO Marc Brannigan stated, “Gilbert, Arizona adopted one of the more stringent zoning ordinances of any municipality in the entire state. We feel this is a tremendous accomplishment as our first completed commercial real estate transaction in the medical marijuana industry in the state of Arizona.”
At present time, Zoned Properties([) (SM) (]) , Inc. is in advanced discussions with the dispensary license holder who intends to occupy the facility. Mr. Brannigan commented further, “These properties are not only hard to locate but once identified, getting the proper permits is not easy. Generally, lease rates for the medical marijuana industry are substantially above traditional retail or commercial lease rates. This is due to limited industry experience and higher than normal revenue per square foot. These leases tend to produce yields more consistent with high-end specialty retailers/services. Another factor is simply limited availability due to zoning laws and the subsequent ability to get the proper permits”
