Innovative Industrial Properties, Inc. Enters into Long-Term, Triple-Net Lease Agreement for Property with Subsidiary of Maryland Cultivation and Processing, LLC
April 13, 2022 at 04:45 pm EDT
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Innovative Industrial Properties, Inc. (IIP) announced that it closed on the acquisition of a Maryland property comprising approximately 84,000 square feet of industrial and greenhouse space. The purchase price for the property was $25.0 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 Maryland Cultivation and Processing, LLC (MCP), which intends to continue to operate the property as a regulated cannabis cultivation facility.
Innovative Industrial Properties, Inc. is an internally managed real estate investment trust (REIT). The Company is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated cannabis facilities. The Company is engaged in the business of providing real estate for the regulated cannabis industry. It acquires its properties through sale-leaseback transactions and third-party purchases. The Company owns approximately d 108 properties comprising an aggregate of approximately 8.9 million rentable square feet (including approximately 1.4 million rentable square feet under development/redevelopment) in Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington. Its subsidiaries include IIP-AZ 1 LLC, IIP-AZ 2 LLC, IIP-AZ 3 LLC, IIP-CA 2 LP, and IIP-CA 1 LP.
Innovative Industrial Properties, Inc. Enters into Long-Term, Triple-Net Lease Agreement for Property with Subsidiary of Maryland Cultivation and Processing, LLC
INNOVATIVE INDUSTRIAL PROPERTIES, INC. 
