Zoned Properties, Inc. (ZDPY): M&A transaction — Zoned Properties acquires Michigan cannabis retail property for $4.3M, leases to NOXX at 13.5% cap rate

On February 24, 2023, ZP Woodward acquired an equitable interest in 23634 Woodward Avenue, Pleasant Ridge, Michigan (“23634 Woodward”) pursuant to the 23634 Land Contract.

On February 27, 2023, ZP Woodward acquired a fee interest in 23600 Woodward Avenue, Pleasant Ridge, Michigan for the purchase price of $1,253,070, comprised of $903,070 cash and $350,000 of previously paid deposits and assignment fees and, as of such date, ZP Woodward has acquired the property interests in the Woodward Property contemplated in the Option Agreement and Master Agreement.

Following the date of the Prior 8-K, ZP Woodward exercised its rights to acquire an equitable right to 23616-23622 Woodward”), which property is a portion of the Woodward Property, pursuant to, in part, the 23616-23622 Land Contract and the Assignment, for a purchase price of $2,292,549; comprised of $400,395 cash, $467,154 in deposits and assignment fees, and the 23616-23622 Land Contract with a principal balance of $1,425,000.

On December 2, 2022, ZP RE MI Woodward, LLC (“ZP Woodward”), an indirect wholly owned subsidiary of Zoned Properties, Inc. (the “Company”), entered into an Assignment and Assumption Agreement (the “Assignment”), effective as of December 2, 2022, by and between FL MI RE 22, LLC (“FL MI”) and ZP Woodward.

On February 24, 2023, ZP Woodward entered into a Land Contract, dated February 24, 2023, by and between Gangnier Investments LLC (the “Gangnier”) and ZP Woodward (the “23634 Land Contract”).