Innovative Industrial Properties Acquires New Jersey Property and Enters Into Long-Term Lease with Curaleaf
Innovative Industrial Properties, Inc. (IIPR)
US:NYSE Investor Relations:
investors.innovativeindustrialproperties.com
Company Research
Source: Business Wire
IIP Expands Portfolio to 4.5 Million Square Feet in 16 States SAN DIEGO--(BUSINESS WIRE)--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 in Blue Anchor, New Jersey, which comprises approximately 111,000 square feet of industrial space.The purchase price for the property was $5.5 million (excluding transaction costs). 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. (Curaleaf), which intends to operate the property as a regulated medical cannabis cultivation and processing facility. Curaleaf is expected to complete additional tenant improvements for the property, for which IIP has agreed to provide reimbursement of up to $29.5 million. Assuming full reimbursement for the tenant
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Earnings
- 2/26/24 - In-Line
IIPR
Sec Filings
- 4/1/24 - Form DEFA14A
- 4/1/24 - Form DEF
- 3/4/24 - Form 8-K
- IIPR's page on the SEC website