Innovative Industrial acquires another property in Michigan
Jul. 09, 2019 7:24 AM ETInnovative Industrial Properties, Inc. (IIPR)By: Liz Kiesche, SA News Editor16 Comments
- 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)