Innovative Industrial Properties (NYSE:IIPR) acquired an industrial space of ~156K sq. ft. in Michigan for $19M.
The company has entered into a long-term, triple-net lease agreement with LivWell Michigan, LLC, a licensee of LivWell Holdings.
The company has agreed to provide reimbursement to tenant of up to $23M for the licensed cannabis cultivation and processing facility, thereby making total investment in the property to $42M.
IIPR +2.2% after hours to $88.1
Source: Press Release
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