Innovative Industrial Properties buys MA cannabis facility for $21.5 million
- 2 years ago
Innovative Industrial Properties, San Diego-based real estate investment trust completed its acquisition of a property in Webster, Massachusetts. The property, consisting of 104,000 square feet of industrial space, cost $21.5 million. (IIP) said the property is already fully built out and operational as a regulated marijuana cultivation and processing facility.
Additionally, IIP also said it entered into a long-term lease agreement for the property with a subsidiary of Wakefield, Massachusetts-headquartered multistate operator Curaleaf Holdings.
The property is said to have a production capacity of roughly 32,000 pounds of marijuana flower per year. IIP also leases to Curaleaf four other cultivation and processing facilities and three dispensaries in Illinois, New Jersey, North Dakota and Pennsylvania. As of Sept. 1, the company owns 111 properties located in 19 states covering 8.7 million square feet. The REIT trades on the New York Stock Exchange as IIPR.
Additionally, IIP also said it entered into a long-term lease agreement for the property with a subsidiary of Wakefield, Massachusetts-headquartered multistate operator Curaleaf Holdings.
The property is said to have a production capacity of roughly 32,000 pounds of marijuana flower per year. IIP also leases to Curaleaf four other cultivation and processing facilities and three dispensaries in Illinois, New Jersey, North Dakota and Pennsylvania. As of Sept. 1, the company owns 111 properties located in 19 states covering 8.7 million square feet. The REIT trades on the New York Stock Exchange as IIPR.