Innovative Industrial acquires another property in Michigan

  • Innovative Industrial Properties (NYSE:IIPR) acquires a 145K-square-foot industrial space in Lansing, MI, for $4.8M and enters a long-term triple-net lease agreement with a subsidiary of Ascend Wellness Holdings.
  • The tenant plans to operate the property as a licensed medical-use cannabis cultivation and processing facility upon completion of redevelopment.
  • AWH plans to complete tenant improvements for the building, for which IIPR has agreed to provide reimbursement of up to $15.0M.
  • Previously: Innovative Industrial buys, leases site in Michigan (June 21)

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