Boston & New England CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Boston & New England  + Metro Boston  + Industrial  | 
Innovative Industrial Properties, Inc., has purchased industrial space in Webster, MA for $21.5 million.

Innovative Industrial Properties Buys $22M Cannabis Facility in Webster

Innovative Industrial Properties, Inc., a real estate company focused on the regulated US cannabis industry, has completed the $21.5-million acquisition of a 104,000-square-foot industrial space in Webster, MA.

The facility 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 Wakefield, MA-based Curaleaf Holdings, Inc.

The property consists of cultivation, manufacturing, office, administrative and storage space, and is estimated to produce approximately 32,000 pounds of cannabis flower annually.

IIP partners with experienced, regulated cannabis operators and serves as a source of capital by acquiring and leasing back their real estate assets, in addition to offering other creative real estate-based capital solutions. The company currently owns 111 properties representing a total of approximately 8.7 million rentable square feet.

Connect

Inside The Story

Innovative Industrial Properties, Inc.

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Lease
  • ◦Sale/Acquisition
Chase-19-cube