Innovative Industrial Properties acquires industrial property in Michigan

  • 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

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