Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a 201,000 square foot industrial property in Desert Hot Springs, California, and entered into a long-term lease with Gold Flora, LLC (Gold Flora). The purchase price for the property was $51.0 million (excluding transaction costs). Gold Flora is expected to complete additional tenant improvements for the property as a regulated cannabis cultivation and processing facility, for which IIP has agreed to provide reimbursement of up to $9.0 million. Assuming full reimbursement for the tenant improvements, IIP’s total investment in the property is expected to be $60.0 million. As the pioneering real estate investment trust (REIT) for the regulated cannabis industry, IIP partners with experienced, regulated cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions.
Published Ncv Newswire, New Cannabis Ventures, 10/18/2021 07:41:00