In a recent announcement, Zoned Properties Inc., a strategic real estate development firm, signed a letter of intent stating that the company will lease about 25,000 square feet, with an optional additional 15,000 square feet, to Catalina Partners III LLC in Tempe, Arizona, for its Medical Marijuana Business Park.

Zoned Properties' mission is focused on identifying, developing and managing advanced, safe properties with sustainability for industries, like the licensed medical marijuana industry, which are emerging.

Catalina Partners is an example of an ideal tenant for Zoned Properties' medical marijuana business park.

The decision to lease up to 40,000 square feet was based on Catalina's high sense of astuteness in business, CEO of Zoned Properties Bryan McLaren explained.

"The company continues to explore innovative ways of strategically developing this property given its location in the heart of downtown Tempe, Arizona, with close proximity to Phoenix Sky Harbor Airport and major highways," McLaren said.

As a company, Zoned Properties focuses on commercial properties that can be rezoned for specific uses and leases them to commercial properties that are challenged by zoning restrictions.