SaleMay 5, 2026, 04:08 PM
Zoned Properties Sells Michigan Real Estate for $2.4M
AI Summary
Zoned Properties, Inc., through its wholly owned subsidiary ZP RE MI Woodward, LLC, entered into and closed an Agreement of Sale and Escrow Instructions on May 1, 2026. The company sold its fee interest in a Michigan property, vendee interests in two land contracts, and its interest in a cannabis facility lease to Woodward RE 1 LLC. The aggregate purchase price was $700,000, with the buyer also assuming approximately $1.7 million in outstanding land contract obligations, bringing the total transaction value to over $2.4 million.
Key Highlights
- Zoned Properties sold Michigan real estate and related interests through its subsidiary.
- The aggregate purchase price for the Woodward Property was $700,000.
- Buyer assumed $1,327,371 in Pearlman Land Contract obligations.
- Buyer assumed $374,826 in Gangnier Land Contract obligations.
- The total transaction value, including assumed debt, reached approximately $2,402,197.
- A $100,000 purchase price credit was applied at closing.
- Seller was released from liabilities under the assigned land contracts and lease.