Innovative Industrial Properties, Inc., 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 Pittsburgh, Pennsylvania, which is expected to comprise approximately 239,000 square feet of industrial space upon completion of redevelopment. The purchase price for the property was approximately $41.8 million (excluding transaction costs). Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net master lease for the entire property with a subsidiary of Parallel, one of the largest privately-held multi-state cannabis operators in the United States, for use as a regulated cannabis growing and processing facility. Upon completion of the initial phase of development, Parallel is expected to utilize 124,000 square feet of space, as well as an additional 36,000 square feet of expansion space, with the remaining 79,000 square feet being subleased.
Mmp News Author, Medical Marijuana Program Connection, 05/15/2021 16:30:00