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.
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.
- ◦Lease
- ◦Sale/Acquisition
