Innovative Industrial Properties Acquires Massachusetts Industrial Space for $26.8 Million
Ever on the hunt for acquisitions, Innovative Industrial Properties (NYSE: IIPR) announced a fresh one on Thursday. The company has closed a deal for an industrial facility spanning roughly 199,000 square feet in Athol, Massachusetts, for which it's paying around $26.8 million (exclusive of transaction costs).
The company, so far the only specialty cannabis property real estate investment trust (REIT) on the stock market, also said that it has a tenant. This is privately held marijuana company Ascend Wellness Holdings, which is occupying the property under a long-term, triple-net lease agreement.
Under the terms of their agreement, Innovative will also provide up to $22.2 million in reimbursement for Ascend to improve and renovate the property.
Source Fool.com
