Zoned Properties Inc., a Scottsdale-based real estate development firm, said in a release that it has sold property it owns in Tempe for $2.125 million and plans to use the profits to go toward expanding its Medical Marijuana Business Park in Tempe.

Zoned Properties also expects to utilize the proceeds to retire existing debt, the release read.

Zoned Properties CEO Bryan McLaren said in the release the property in Tempe "was not central to our vision," and that by selling, "will enable us to redeploy capital in a manner that increases our financial flexibility, and that we believe, over time, will generate higher rental revenue and increases in property valuations for the company's portfolio."

"We remain committed to building and nurturing a portfolio of properties that are strategically aligned with our focus on emerging industries and that optimize the use of our balance sheet," McLaren said in the release.