Innovative Industrial Properties announced its partnership with a New Jersey property with multistate operator Curaleaf Holdings. The partnership is another sale-leaseback deal that was solidified by Innovative Industrial Properties, a San Diego-based, marijuana-centric real estate investment trust (REIT). Benzinga reported that Innovative Industrial Properties purchased a 111,000-square-foot facility on land in Blue Anchor, New Jersey, for $5.5 million. The company plans to lease the new location back to a subsidiary of Massachusetts-based Curaleaf for use as a commercial marijuana facility. Furthermore, The California REIT has also agreed to reimburse Curaleaf for up to $29.5 million in improvements to the property.
– Marijuana Business Daily, 07/17/2020 9:00:50 AM