secwatch.observer — SEC 8-K summary
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Issuer:     Zoned Properties, Inc. (ZDPY)
CIK:        0001279620
Form:       8-K
Filed at:   2024-01-22T23:59:59+00:00
Accession:  0001213900-24-005078
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1279620/000121390024005078/0001213900-24-005078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1279620/000121390024005078/ea191923-8k_zonedpro.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-005078

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer