IIPR and CURA Enter Into Long-Term Lease Agreement in MAInnovative Industrial Properties Acquires Massachusetts Property and Expands Long-Term Real Estate Partnership with Curaleaf
2022-09-01 05:41:00 PM ET (BusinessWire)
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 property comprising approximately 104,000 square feet of industrial space in Webster, Massachusetts.
The purchase price for the property was $21.5 million (approximately $207 per square foot), which is fully built out and operational as a regulated cannabis cultivation and processing facility. Concurrent with the closing of the purchase, IIP entered into a long-term, triple-net lease agreement for the property with a subsidiary of Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (Curaleaf).
The property consists of cultivation, manufacturing, office, administrative and storage space, and is estimated to produce approximately 32,000 pounds of cannabis flower annually. Together with this facility in Massachusetts, IIP owns and leases four other cultivation and processing facilities and three dispensary locations in Illinois, New Jersey, North Dakota and Pennsylvania to Curaleaf, comprising a total of approximately 578,000 square feet. Curaleaf is IIP's fifth largest tenant partner in terms of capital investment.