Innovative Industrial Properties Expands Real Estate Partnership With Grassroots
Innovative Industrial Properties (NYSE: IIPR) is expanding its real estate empire. The cannabis-focused real estate trust (REIT) said on Monday that it purchased two properties in Pennsylvania and North Dakota, which together comprise 105,000 square feet of industrial space, for $24.1 million plus transaction costs. IIP is acquiring the properties from GR Companies Inc., which operates under the name Grassroots.
Upon closing, IIP immediately entered into long-term lease agreements with Grassroots. The vertically integrated dispensary company will continue to operate the sites as regulated cannabis cultivation and processing facilities. IIP also agreed to reimburse Grassroots for up to $13.2 million in tenant improvement projects.
Innovative Industrial Properties is helping Grassroots expand its cannabis-growing operations. Image source: Getty Images.
Source Fool.com
