Innovative Industrial Properties acquires industrial property in Michigan
Jun. 21, 2019 7:16 AM ETInnovative Industrial Properties, Inc. (IIPR)By: Gaurav Batavia, SA News Editor28 Comments
- Innovative Industrial Properties (NYSE:IIPR) acquires a 45K sq.ft. industrial property in Harrison, Michigan for ~$6.9M.
- Concurrently, the company has entered into a long-term, triple-net lease agreement with an affiliate of Emerald Growth Partners L.L.C.
- The company has agreed to provide the tenanat reimbursement of up to ~$3.1M for the development of the property.
- As of June 21, 2019, the company owns 22 properties totaling ~1.7M rentable square feet, which are 100% leased with a weighted-average remaining lease term of ~15.3 years.
- IIPR -0.3% premarket to $134.3
- Source: Press Release