---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-016468"
form_type: "8-K"
ticker: "ZDPY"
cik: "0001279620"
company_name: "Zoned Properties, Inc."
filed_at: "2023-03-02T23:59:59+00:00"
generated_at: "2026-06-18T14:24:23.450813+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Zoned Properties acquires Michigan cannabis retail property for $4.3M, leases to NOXX at 13.5% cap rate

## Summary
- Acquired Pleasant Ridge, MI property for $4.3M, including $1.85M seller financing.
- Entered long-term absolute-net lease with NOXX Cannabis; 3% annual rent increases.
- Straight-lined annual base rent ~$580k, producing ~13.5% cap rate over lease term.
- Marks entry into Michigan as real estate investor; diversifies portfolio.

## SEC filing metadata
- accession: 0001213900-23-016468
- form_type: 8-K
- ticker: ZDPY
- cik: 0001279620
- company_name: Zoned Properties, Inc.
- filed_at: 2023-03-02T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1279620/000121390023016468/0001213900-23-016468-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1279620/000121390023016468/ea174519-8k_zonedpro.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-016468
- JSON: https://secwatch.observer/filing/0001213900-23-016468.json
- Plain text: https://secwatch.observer/filing/0001213900-23-016468.txt

## Key facts
- M&A Transactions
  Zoned Properties, Inc. completed an acquisition (closed 2023-02-24).
  - Action: acquisition
  - Closing: 2023-02-24
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390023016468/0001213900-23-016468-index.htm
- M&A Transactions
  Zoned Properties, Inc. completed an acquisition for $1,253,070 (closed 2023-02-27).
  - Action: acquisition
  - Consideration: $1,253,070
  - Closing: 2023-02-27
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390023016468/0001213900-23-016468-index.htm
- M&A Transactions
  Zoned Properties, Inc. completed an acquisition for $2,292,549.
  - Action: acquisition
  - Consideration: $2,292,549
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390023016468/0001213900-23-016468-index.htm
- Material Agreements
  Zoned Properties, Inc. entered into Assignment and Assumption Agreement with FL MI RE 22, LLC valued at $1,900,000 (effective 2022-12-02).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: FL MI RE 22, LLC
  - Value: $1,900,000
  - Effective: 2022-12-02
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390023016468/0001213900-23-016468-index.htm
- Material Agreements
  Zoned Properties, Inc. entered into 23634 Land Contract with Gangnier Investments LLC valued at $550,000 (effective 2023-02-24).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Gangnier Investments LLC
  - Value: $550,000
  - Effective: 2023-02-24
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390023016468/0001213900-23-016468-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.