Innovative Industrial Properties, Inc. entered into a definitive purchase and sale agreement to acquire TILTs cultivation and production facility in White Haven, Pennsylvania from White Haven RE, LLC for $15 million.
May 15, 2022
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Innovative Industrial Properties, Inc. (NYSE:IIPR) entered into a definitive purchase and sale agreement to acquire TILTs cultivation and production facility in White Haven, Pennsylvania from White Haven RE, LLC for $15 million on May 16, 2022. In accordance with the terms of the transaction, TILTs subsidiary, Standard Farms, LLC, will also execute a long-term, triple-net lease agreement with substantially the same terms as the lease pertaining to the Taunton Facility. The Pennsylvania Transaction is subject to various closing conditions, including standard property/title inspections and appraisals and is scheduled to close in the coming weeks.
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. entered into a definitive purchase and sale agreement to acquire TILT’s cultivation and production facility in White Haven, Pennsylvania from White Haven RE, LLC for $15 million.