Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Alachua, Florida, which comprises approximately 295,000 square feet of industrial space. The purchase price for the property was $23.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease at the property with a subsidiary of Harvest Health & Recreation Inc., which intends to continue to operate the property as a licensed cannabis cultivation and processing facility. Harvest is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to approximately $10.8 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property is expected to be approximately $34.6 million.
Mmp News Author, Medical Marijuana Program Connection, 01/25/2021 19:26:00