---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-005078"
form_type: "8-K"
ticker: "ZDPY"
cik: "0001279620"
company_name: "Zoned Properties, Inc."
filed_at: "2024-01-22T23:59:59+00:00"
generated_at: "2026-06-06T20:29:56.948546+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Zoned Properties acquires Chicago dispensary property for $1.6M; 15-year net lease yields ~16.5% cap rate

## Summary
- Purchased Ashland Avenue Property in Chicago for ~$1.6M inclusive of closing costs; leased to Justice Cannabis Co.’s BLOC Dispensaries.
- 15-year absolute net lease with four 5-year renewal options; base rent escalates 3% annually.
- Straight-lined annual base rent of ~$265,000; cap rate of ~16.5% over the lease term.
- Tenant’s operating partner commits up to $1M for renovation and construction improvements.
- Illinois dispensary sales exceeded $1.5B in FY23; property located 1.5 miles from White Sox stadium.

## SEC filing metadata
- accession: 0001213900-24-005078
- form_type: 8-K
- ticker: ZDPY
- cik: 0001279620
- company_name: Zoned Properties, Inc.
- filed_at: 2024-01-22T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1279620/000121390024005078/0001213900-24-005078-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1279620/000121390024005078/ea191923-8k_zonedpro.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-005078
- JSON: https://secwatch.observer/filing/0001213900-24-005078.json
- Plain text: https://secwatch.observer/filing/0001213900-24-005078.txt

## Key facts
- Material Agreements
  Zoned Properties, Inc. entered into Assignment and Assumption Agreement with Keystone Ventures, LLC valued at Assignment of rights to purchase Ashland Avenue Property for $1,250,000 (effective 2024-01-19).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Keystone Ventures, LLC
  - Value: Assignment of rights to purchase Ashland Avenue Property for $1,250,000
  - Effective: 2024-01-19
  source text: On January 19, 2024, ZP Holdings and Keystone entered into that certain Assignment and Assumption Agreement, dated as of January 19, 2024, by and between Keystone and ZP Holdings (the “Assignment Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390024005078/0001213900-24-005078-index.htm
- Material Agreements
  Zoned Properties, Inc. entered into Licensed Cannabis Facility Absolute Net Lease Agreement with JG IL LLC valued at 15-year lease with four 5-year renewal options; base rent starting at $9,166 per month (effective 2024-01-19).
  - Action: entry
  - Agreement: lease
  - Counterparty: JG IL LLC
  - Value: 15-year lease with four 5-year renewal options; base rent starting at $9,166 per month
  - Effective: 2024-01-19
  source text: On January 18, 2024, ZP Holdings entered into a Licensed Cannabis Facility Absolute Net Lease Agreement (the “Justice Grown Lease”), with a commencement date of January 19, 2024, by and between ZP Holdings, as landlord, and JG IL LLC (“Justice Grown”), as tenant.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390024005078/0001213900-24-005078-index.htm
- Material Agreements
  Zoned Properties, Inc. entered into Agreement Regarding Purchase and Sale Contract with Keystone Ventures, LLC valued at Purchase price of $1,250,000 (effective 2023-12-15).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Keystone Ventures, LLC
  - Value: Purchase price of $1,250,000
  - Effective: 2023-12-15
  source text: On December 15, 2023, ZP RE Holdings, LLC (“ZP Holdings”), a wholly owned subsidiary of Zoned Properties, Inc. (the “Company”), entered into an Agreement Regarding Purchase and Sale Contract (the “Agreement”), effective as of December 15, 2023, by and between Keystone Ventures, LLC (“Keystone”) as assignor and ZP Holdings as assignee.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1279620/000121390024005078/0001213900-24-005078-index.htm

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