Zoned Properties Lands New Tenant at Marijuana Business Park
- May 20, 2016
Parachute, Colo.—Zoned Properties of Scottsdale, Ariz., has signed the first tenant at its flagship Marijuana Business Park in Parachute, Colo. The company signed a binding letter of intent to lease approximately 15,000 square feet of space to Tempe-based American Green Inc., a technology company in the cannabis industry.
“Our efforts to develop properties in this location began in February when we signed a letter of intent to purchase a small tract of land,” Zoned Properties CEO Bryan McLaren said in a prepared statement. “Since that time, we have expanded the deal to include up to 35 acres for potential development and very quickly secured our first prospective tenant.”
McLaren said more details would be released shortly and that Zoned Properties plans to deploy its Triple Set (SSS) development model, “a sophisticated, safe and sustainable set of design principles,” according to the company.
“The Zoned Properties Triple-Set model works well for us, enabling us to more rapidly enter new markets with a reasonable lease cost for a fully built-to-suit, technologically advanced facility,” American Green CEO Jonathan Miller added. “With Zoned Properties, we can accelerate our model for brand awareness in this rapidly growing industry, creating a significant and sustainable competitive advantage for American Green, Inc.”
Zoned Properties recently announced plans to significantly expand its initial acquisition of 1.5 acres of land to 35 acres of available property for the expansion. The purchase is expected to close in late June, pending approval from the Town of Parachute.